Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved
Buying a home with bad credit is possible with the help of a subprime lender even if you have a recent bankruptcy or foreclosure. These mortgage lenders specialize in financing home loans for people with poor credit.
Effect Of Bankeruptcies And Foreclosures On Credit
A bankruptcy or foreclosure is not the death of your credit. Yes, your credit score will be hurt and you won't be able to borrow from a traditional mortgage lender right away, but you still have options.
A bankruptcy or foreclosure signals a crisis in finances. Lenders understand this, and if there are mitigating circumstances, such as a healthcare emergency or loss of a job, they will make exceptions.
Minimize Your Bankruptcy Or Foreclosure
To minimize the effect of your bankruptcy or foreclosure, include a one-page letter in your credit report stating the reasons for the financial crisis. Lenders want to know that this was a one-time event, not a sign of financial irresponsibility.
While including the letter in your credit report, review all your accounts and be sure they are accurate. After a bankruptcy, creditors may leave open accounts, even when they should be closed. These open accounts can have a negative impact on your credit score.
Appeal To Mortgage Lenders
To appeal to mortgage lenders with a bad credit history, increase your down payment and cash reserves. A large down payment ensures that the mortgage company will receive at least a partial return on their investment if they have to foreclose. A FICO score of 580 will require at least a 5% down payment, and lower scores will require a larger down payment.
Cash reserves ensure that the borrower has enough resources to weather a temporary financial emergency. Mortgage lenders like to see at least two months worth of payments in a savings account, but a higher amount will only help your application.
Online Mortgage Brokers
Online mortgage brokers also make it easier to find financing for people with adverse credit. Through their websites, you can compare multiple finance offers from different lenders, ensuring you get the best rates and terms to buy a home.
To view our list of recommended bad credit home loan companies online, visit this page: Recommended Bad Credit Mortgage Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Sun. September / 20 / 2020
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
How to refinance your mortgage without closing costs Fox Business
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
Refinance your home before December 1 to avoid paying a new fee Business Insider
How often can you refinance your mortgage? Fox Business
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
The best mortgage and refinance rates today: Wed, Sept 16, 2020 | Fixed rates decrease - Business Insider
The best mortgage and refinance rates today: Wed, Sept 16, 2020 | Fixed rates decrease Business Insider
Should you refinance your mortgage? Tennessean
Complete Checklist of Mortgage Refinancing Requirements Credible News
Mortgage Refinance Calculator Clark.com
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
The refinancing boom is just getting started HousingWire
Today's best mortgage and refinance rates - Tuesday, August 25, 2020 Business Insider
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
U.S Mortgage Rates Hold Steady thanks to the Dovish FED Yahoo Finance
Is the FHFA about to delay the refi fee? HousingWire
How to qualify for a mortgage using investment income | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
How to qualify for a mortgage using investment income | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
When should you refinance your mortgage? Fox Business
Paragon Mortgage Corporation Arranges $16340000 to Refinance Skilled Nursing Facility Located in North Hollywood, CA - Business Wire
Paragon Mortgage Corporation Arranges $16340000 to Refinance Skilled Nursing Facility Located in North Hollywood, CA Business Wire
10 things to know before refinancing your mortgage Fox Business
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
What Is a Mortgage? Everything to Know About Home Loans Credible News
Student Loan Refinancing Rates Hit Another New Low Credible News
Compare Today's Mortgage Refinance Rates: Sep 19 Credible News
How to get a low-cost mortgage refinance Bankrate.com
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
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
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
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
Refinancing your mortgage isn't always the right move — here are 6 reasons to hold off, according to a loan officer - Business Insider
Refinancing your mortgage isn't always the right move — here are 6 reasons to hold off, according to a loan officer Business Insider
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