Articles About Finance And Refinancing

Mortgage After Bankruptcy: These Steps Could Help

If you want to increase your chances of qualifying for a mortgage after bankruptcy, here are some steps you can take:

First, if you plan to apply for a mortgage after bankruptcy, you will want to have any inaccurate or obsolete negative information on your credit reports corrected or removed. This can help increase your credit score.

Also, you will want to establish some new accounts, and pay them in a timely manner over time. If you've paid the accounts on time for about 18-24 months since your bankruptcy, this should help rebuild your credit - which can be a plus when applying for a mortgage after bankruptcy.

Next, you will want to work with an experienced mortgage broker. Why? Because buying a home is probably going to be one of the biggest investments you'll make. You will want to have an experienced professional guiding you through the lending process - especially when it comes to applying for a mortgage after bankruptcy.

A mortgage broker typically has access to dozens of lenders and will probably have a good idea of which ones will (and will not) approve you for a mortgage after bankruptcy. In addition, they will be able to tell you what to expect in terms of the financing process.

So how do you find a mortgage broker? One way is to to ask friends or real estate agents for a referral. Once you have a few names, set up an appointment to interview each mortgage broker.

Among other questions, you will want to know if they have successfully been able to get other individuals a mortgage after bankruptcy. You also want to make sure they are licensed.

Another question you will want to ask is what type mortgage loan (A, B, C, or D) the mortgage broker thinks you can qualify for. Why? The lower the grade of the loan, the higher the interest rate. This is an important consideration when applying for a mortgage after bankruptcy.

In addition, there are other important questions you will want to ask a potential mortgage brokers - ones that could help you save money and/or increase your chances of qualifying for a mortgage after bankruptcy. While there isn't enough room to cover them here, I go into detail on them in After Bankruptcy Credit Solutions.

Also make a point to bring your financial information with you when you meet with a mortgage broker. For example, you should have your income and expenses available as this will help the broker determine the loan amount you may be able to qualify for when it comes to a mortgage after bankruptcy.

Generally speaking, most lenders will allow you to get a home loan with a payment of up to 28% of your gross income. So if you make $4,000 per month, that would be $1,120. But keep in mind that this just an example. Again, a good mortgage broker can explain the criteria that each lender has.

If you have copies of your credit reports from each of the major credit reporting agencies (Experian, Equifax, and Trans Union) this will help also. Your credit report will play a major role when it comes to qualifying for mortgage after bankruptcy.

On that note, if you want to increase your chances of qualifying for a mortgage after bankruptcy, make sure that any inaccurate or obsolete negative information is removed from your credit report. This is important for two reasons: (1) It can mean the difference between qualifying or not qualifying for a mortgage after bankruptcy, and (2) if you end up qualifying for mortgage after bankruptcy, any inaccurate or obsolete negative information on your credit report could cost you up to $1,000s or even $10,000s in additional interest.

How do remove any inaccurate or negative information from your credit report, so you can improve your chances of qualifying for a mortgage after bankruptcy? There are specific steps you need to take. While I cover them in After Bankruptcy Credit Solutions, there is not enough room to go into detail here. Just remember that ideally you want rebuild your credit history before applying for a mortgage after bankruptcy.

By the way if you think that removing inaccurate or negative information from your credit reports takes a long time, I have good news. There is a way to have it removed in as little as 72 hours - the service is typically not available directly to consumers. In After Bankruptcy Credit Solutions I show you how to find this type service if you are trying to qualify for a mortgage after bankruptcy.

In this article we touched on two important steps you can take if you plan on applying for a mortgage after bankruptcy: Correcting or removing any inaccurate or obsolete negative information from your credit reports, and finding a mortgage broker to guide you through the lending process.

Copyright ? 2006 Innovative Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

R. Lawrence Anderson is the author of After Bankruptcy Credit Solutions which shows individuals how to qualify for credit & loans after bankruptcy. For more information visit: http://www.bankruptcy-credit-solutions.com

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

MORE ARTICLES:

Credit Card Merchant Account Basics
Knowing which credit card merchant account to get can be very confusing. There are thousands and thousands of banks, merchant account providers and third party sales teams that can offer you all kinds of incentives.

Steering Your Way To A Bad Credit Car Loan
The cost of an automobile is a big ticket item for almost any budget to absorb, but the reality is that for most of us, having a car is essential to conducting our lives. For people with no credit history, or even worse, with a poor one, getting a car loan can pose a serious challenge. But don?t give up of the attempt just yet; the number of people with poor credit who need cars is so great that you can bet there is are those willing to help them. Who are they?

Windhaus Associates to Train in Business Plan Development to Small Business Micro-Loan Fund Applicants
Windhaus Associates, a Florida business planning firm, has been contracted by the Treasure Coast Enterprise Fund to launch the first small business plan training program for loan fund applicants. The workshop series will offer intense, detailed training in the development of a business plan required of all applicants seeking small business loans of between $5,000 and $35,000 from the Enterprise Fund.

All About Stopping Payment On A Payday Loan Check
It?s easy to do all kinds of things with payday loans. It?s easy to find a payday loan. It?s easy to get approved. It may even be easy to pay a payday loan back, but you won?t hear everyone say that. For some people it?s not easy at all to see that their paycheck is a lot less than it usually is because they have to pay back a payday loan. That can be very disappointing. However, there is a way to breathe a little easier when it comes to payday loan checks. You just stop the payment from hitting your bank. Some people have never stopped payment on a check before so they may think doing so is a complicated process, but it really is quite easy. This article will tell you what you need to know about stopping payment on a payday loan check.

Making it in the Mortgage Industry
Now are very challenging times for Mortgage Brokers.

Bills.com Presents Auto Loan Primer
What to know before buying one of millions of cars sold annually.

Low Interest Debt Consolidation Loan - How To Get Peace Of Mind From Overwhelming Debt
The telephone calls will not stop, and they?re not going to. You?ve had enough and have decided that it?s time to be proactive. Following will give you some tips as to how to get a low interest consolidation loan to obtain peace of mind from overwhelming debt.

Mortgage Reduction Solutions
USA ECONOMIC CONDITIONSToday's sluggish economy has left millions of people struggling to financially make ends meet. Lou Dobb's coined phrase "Assault on the Middle Class" continues.

The Benefits of Obtaining an FHA Loan
An FHA loan is a great idea for a lot of consumers who want to buy their first home, their second home, or even those that want to refinance affordably. There are many benefits to obtaining this type of loan, so many that they are not just appropriate for one portion of the population, but a wide variety of consumers who are looking to buy a home or refinance one. The benefits are numerous and whether this is your first time buying or not you will find that these loans are very appealing.

Do We Take A Credit Card For Granted These Days?
It might almost be taken for granted these days that credit has become a way of life. The credit system led by financial giants and credit card merchandisers such as MasterCard has arisen from the old 'paper' system of cash currency. It has quickly replaced older systems as an easy and effective way to exchange money in daily transactions. Credit cards have become popular with the American public, and so many of us do all different types of shopping with these plastic cards. In the end, MasterCard and other merchandisers have become the driving forces in money management between customers and businesses, and as well as being powerful, they have become accountable for the security of the system that they have created.

A Popular Online Credit Card Choice is Paypal
Since I opened my PayPal account, I have noticed that it is much easier to make online purchases Not only are there more sellers who will sell to me (many small sellers do not take credit card transactions) but the sales also seem to be processed faster

Online Mortgage Broker Training vs Short Sale Training
In todays real estate market, the once lucrative opportunity of being a loan officer or mortgage broker originating loans and refinancing homeowners is no longer so lucrative. The sub prime mortgage meltdown and the mortgage credit crunch has really put a damper on that traditional business model.

SpaFinder Purchases Interest in SpaBoom to Provide New Services, Value for its Spa Marketing Partners
SpaFinder purchases interest in SpaBoom. With this partnership, SpaFinder plans to use SpaBoom's technology in SpaFinder's industry-leading online gift certificate program and other marketing platforms.

myVizer.com the Web's First Personal Finance Challenge Site is Launched
The Advisory Firm, LLC a financial planning company announces the launch of myVizer.com. myVizer is a free personal finance website designed to inform, educate and challenge consumers to plan wisely for their financial future.