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mortgage with low credit score?

By Terry Savage on September 13, 2016 | Housing / Real Estate

We live in Brookfield and have our home paid off and would like to move. Our house is not worth as much as what we need to buy what we want and wondering what would be best with not so good credit. Both in low 500's. Thank you, Tina

Terry Says

Your low credit scores will be a big impediment to getting a new mortgage.  How big?  Go online to GuaranteedRate.com (yes, the folks that now have the naming rights to the White Sox ballpark!).  There you can securely input your credit information,  and the amount of your down payment.  They will let you know how much additional money you can borrow, and at what cost. You've done a great job if you paid off your house.  Now, maybe go for something smaller and don't take on so much more debt?

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