If you're planning on pursuing a mortgage soon, one thing you may be wondering about is all of the options available to you. Mortgages come in all shapes and sizes, and it can be confusing when trying to find the best one for your future home. In order to get the best rate, it's crucial that you do as much research as you can, including using a mortgage calculator. Thankfully, we've made this process virtually painless with our free mortgage payment calculator tool. We want to assist you in making the best decision for your budget. Our free mortgage calculator can help you accurately estimate your mortgage expenses so that you can be in charge of your payments.
The answer is, yes! If you apply for a mortgage without a credit score, you’ll need to go through a process called manual underwriting. Manual underwriting simply means you’ll be asked to provide additional paperwork—like paystubs and bank statements—for the underwriter to review. This is so they can evaluate your ability to repay a loan. Your loan process may take a little longer, but buying a home without the strain of extra debt is worth it! Keep in mind, not having a credit score is different than having a low credit score. A low credit score means you have debt, but having no credit score means you don’t like debt!.