Mortgage and Refinancing Information Channel:
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Buying a Home After a Foreclosure
Buying a home after a foreclosure is not an impossible task. With some careful planning and some savvy shopping, you can secure a mortgage loan even with a foreclosure in your credit history.
Wait At Least Two Years
Mortgage lenders focus on the last three years of your credit history when they consider your mortgage application. It is best to wait at least two years after a foreclosure. However, if you have a large down payment or a fairly good credit score, lenders sometimes make exceptions.
Save A Down Payment
One way to improve the terms of a mortgage loan is to have a down payment. A credit score of 600 or lower usually means you will need a down payment between 5% and 20%. Larger down payments will mean better rates. As a bonus, you can avoid PMI with a down payment of 20%.
Create Good Credit
A foreclosure doesn't mean an end to your dreams of home ownership. After a foreclosure, take steps to build back a good credit score with regular payments on your bills and loans. It is also better to make small regular payments on credit cards than hit and miss with payments. You want to show lenders that you are dependable with paying your bills.
If you do run into trouble, call the billing company and make arrangements before they report you to the credit reporting agencies. Billing companies want to see their money and are often willing work out an arrangement.
When you are ready to look for a mortgage, compare prices online. Sub prime lenders offer loans to people with bad credit, but they don't all charge the same rate. Make sure the lending company you pick offers competitive rates and fees. Mortgage websites now offer quotes from several companies, so you can pick the best financing offer.
Asking for quotes online doesn't commit you to accepting an offer. So if you are hesitant about taking on a mortgage, online websites can give you an idea of what to expect.
Mortgage websites can also process your loan application online faster than a traditional mortgage office. Once you have submitted the needed information online, the paperwork will be sent out to you for final approval and your signature.
To view our list of recommended bad credit or subprime mortgage lenders online, visit this page: Recommended After Foreclosure Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
MORE RESOURCES updated Thu. August / 06 / 2020
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Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
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Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance Business Wire
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There Has Never Been a Better Time for Co-ops to Refinance Habitat magazine
Is now the best time to refinance your mortgage? Fox Business
Milliman analysis: Increased economic risk from COVID-19 puts pressure on mortgage performance in 2020 Q1, but losses not expected to rise to global financial crisis level - PRNewswire
Milliman analysis: Increased economic risk from COVID-19 puts pressure on mortgage performance in 2020 Q1, but losses not expected to rise to global financial crisis level PRNewswire
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Dwight Capital Finances Over $302.18 MM in July Odessa American
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes