![]() |
Mortgages After Bankruptcy: Easier Than You Would ExpectGive yourself time to rebound. Whether you had to turn to bankruptcy because of a divorce, a medical emergency, a job loss, or a problem spending habit, give yourself a little time for the air to clear before house hunting. Mortgage lenders will want to see that you have put some space between you and your money troubles. You can use the time to start saving for your down payment. Fix the root problem first. Figure out where your money troubles started and patch up the leaks. If you wound up in court because you couldn't control your credit card spending, resist the urge to rack up new debt after your bankruptcy discharge. Mortgage lenders won't help you if you appear to be repeating the same bad cycle. Pay your rent on time for two years. Do whatever it takes to get your rent to the landlord on time for twenty-four consecutive months. If you miss a month, the clock starts again from zero. Therefore, chop out anything in the budget that could set you back from your dream of a fresh mortgage. If your landlord doesn't report to any of the major credit bureaus, that's okay. Just get a dated receipt for every rent payment, which you can use to prove your case to a mortgage underwriter. Save up a twenty percent down payment. With all the no-money-down mortgage offers you see on television, it sounds almost antiquated to stash a huge chunk of money into savings. In reality, a solid down payment proves to a mortgage lender that you're serious about overcoming your past problems with money. A large down payment will also reduce your monthly mortgage payment and save you from paying high priced default insurance on your loan. Work with a live human being. Don't let a computerized scoring system stand between you and your mortgage. Because mortgages are secure debts, many lenders stand ready to compete for your business, despite your past credit history. Mortgage lenders, especially those with branch offices in your neighborhood, can perform a "manual underwriting" process where they examine documentation like your rent receipts and your bank statements to show that you have truly overcome your past problems. Kevin Adelsberg is a writer for FasteMortgage.com. For additional articles and an extensive resource for everything about mortgages, please visit us at http://www.FasteMortgage.com
Mortgage App Volume Improves for Fourth Consecutive Week Mortgage News Daily Still time to save: Today's 30-year mortgage rates rest for third straight day | March 27, 2023 Fox Business Today's Mortgage, Refinance Rates: March 29, 2023 | Rates Inch up Slightly but Remain Low Overall Business Insider Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC 11 Home Refinance Loans For Bad Credit BadCredit.org Today's refinance rates tick lower : March 24, 2023 Bankrate.com Ally Auto Refinance Review 2023 - Loans Business Insider Mortgage refinancing to boom even higher MacroBusiness Should You Co-Sign on a Loan? U.S News & World Report Money Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal Mortgage Refinance Rates SFGATE Today's Mortgage, Refinance Rates: March 26, 2023 | Rates Down Business Insider Today's Mortgage, Refinance Rates: March 24, 2023 | Rates Drop ... Business Insider Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business Today's Mortgage and Refinance Rates: February 26, 2023 | As ... Business Insider CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau Today's Mortgage and Refinance Rates: March 19, 2023 | Rates ... Business Insider Today's Mortgage and Refinance Rates: March 22, 2023 | Rates ... Business Insider Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post Trends in Mortgage Refinancing Activity Freddie Mac VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider Small Business Loan Refinance Bankrate.com Refinance Closing: An Overview Zing! Blog by Quicken Loans Current 15-Year Refinance Rates Today Business Insider Heloc vs. Cash Out Refinance Credible Refinance Rates, Dec. 13 | Rates falling today The Mortgage Reports Mortgage refinancing dries up Fox Business 7 Refinancing Programs for Seniors Total Mortgage When Should You Refinance an Adjustable-Rate Mortgage ... U.S News & World Report Money Mortgage Giant Rocket Plunges Back to Earth, Hit by Rising Rates The Wall Street Journal Will Mortgage Rates Go Up in January 2023? Bankrate.com Mortgage Rates: When should you refinance your mortgage? Marca English When to Refinance Your Mortgage (and When You Shouldn't) Business Insider Can You Refinance a Reverse Mortgage? Investopedia 10 Tips For Refinancing Your Mortgage Zing! Blog by Quicken Loans Will a Cash-Out Refinance Make Sense for You in 2023? The Motley Fool
|