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.
 Please check back frequently as new topics are added and current topics are updated daily.

Mortgages After Bankruptcy: Easier Than You Would Expect

Give 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

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.Let's start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit. How to Find a Direct Homeowner Loan If you've been thinking about applying for a direct homeowner loan, you might want to take a little bit of time to make sure that you understand exactly how these loans work and to shop around for the best deal in a direct homeowner loan. What is a direct homeowner loan? So what is a direct homeowner loan? Basically, a direct homeowner loan is a loan that is made between a lender and a borrower directly (in other words, without a middle-man), using the equity in the borrower's home as collateral for the loan. Buy To Let Mortgages - To Let in Reasonable Capital Growth with Financial Obligation Every individual needs a home and every home needs an owner. Perhaps you are already a homeowner. 5 Home Buying Essentials Purchasing a home involves certain important, even essential, steps that every buyer should take before closing on a purchase. Let's examine these "essentials" which, if properly implemented, can help you save valuable time and aggravation. Online Home Equity Loans: A Basic Glossary Home equity loans can be a great idea for individuals looking to get out of debt or make necessary repairs on their homes. During the process, you will come across a variety of terms and acronyms. What is a Flexible Mortgage? 'Flexible mortgage' is a term that's used a lot, but what exactly does it mean? A flexible mortgage allows the borrower to make extra repayments when they have the extra money and even reduce or skip payments should the need arise. A flexible mortgage allows you to make extra payments to reduce the amount outstanding on your mortgage thereby reducing the interest you're paying or pay off your mortgage earlier than planned. Home Loans: What You Should Know! Finding home loans can be a daunting task, whether you're a first time home buyer or an existing homeowner. The good news is that there are more options than ever to help you find the loan that's right for you. No Deposit Home Loans A few years ago, many of us would have had a light chuckle to ourselves if someone mentioned that you could borrow money to buy a house with only the promise of solid future earnings. But today this is a regular occurrence. Cardinal Principle of Homeowner Personal Loans - It is a Solution for Any Sort of Financial Funding You bought a house and you were promoted to the position of a homeowner. It was perhaps the most important decision of your life. Desperately Seeking Good Leads, The Adventure Driven Loan Officer As loan officers, the word "lead" is by far one of the most common words we use during the day, it is the topic of many of our conversations, it is praised and cursed, it is good and it is bad, it is loved and it is hated, on bad days it is hard to find, and on good days it falls right into our lap.The lead is a specter that haunts us constantly, we can't get enough of them, no mater how many or how little we have, we are constantly searching for more. Mortgage Information for the First Time Homebuyer Inflation in the United States is increasing rapidly and home prices are soaring! There are millions of american families that are unaware of the many mortgage programs that are available for first time homebuyers. There are many types of mortgage finance programs available to first time homebuyers. 2nd Mortgage Loan After Bankruptcy - Get Approved Online A 2nd mortgage loan after a bankruptcy is possible in as little as two years. Refinancing your mortgage can help you make needed home improvements or pay off high interest debt. 6 Things to Consider Before Refinancing Perhaps you're a homeowner in need of some quick cash.Maybe you want to consolidate your debts so you have better control of your money. Advantages Of Mortgage Pre-Approval There are several advantages to getting mortgage pre-approval before looking for a home. Being pre-approved for a loan lets you know how much you can borrow towards a home, your agent can help you find a home within the loan amount you're pre-approved for, and a seller of a home is more likely to accept your offer than someone who has not been pre-approved for a loan yet. Private Mortgage Insurance (PMI) If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan. Home Loan Confusion Continues Unfortunately, most Americans still do not understand how home loans work and how to take advantage of the wide array of programs available. The way I see it, people are still confused about mortgages in general and real estate finance, in particular. Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved People with bad credit that are looking to get a home mortgage loan or to refinance their existing home mortgage loan, know how difficult of a job it can be to try and get approved. Adverse credit history can mean a little more legwork to get an approval for a mortgage loan, and especially to get a decent interest rate. Kings Bay Georgia Mortgage Information When choosing the right mortgage company for your home purchase or refinancing, there are a few things to consider.What is this lenders reputation? Does this lender have a proven track record in the community and can they offer you not only the lowest interest rates available, but design a program to fit your needs and counsel you about your home purchase. Mortgage Pre Approval - Getting Pre Approved For a Home Loan Online A pre-approved mortgage is a must in a competitive housing market. It also gives you an idea of what you can afford to buy as you look at houses. Mortgage Marketing W. Edwards Deming said "Marketing and innovation are the only source of value in business, everything else is a cost".

HOME | SITE MAP © 2012 - 2022 All Rights Reserved Increase pagerank with HitsSurfer