| |
| |
|
Mortgage & Refinancing Information |
|
|
|
Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!
So you have been through a bankruptcy and surely have beentold to wait at least two years before applying for a homeloan. Waiting two long years without any guarantee of beingapproved for a mortgage after bankruptcy can bedisheartening. Fortunately, this advice no longer holdstrue. Today, there is a growing realization of the need to offerhome loan products that are specifically designed forborrowers with an imperfect credit or financial history.Mortgage programs have been created especially for borrowerswho have gone through a bankruptcy. In fact, those with abankruptcy discharged for even one day may apply for a homeloan. That's right, if your bankruptcy was dischargedyesterday, you can qualify for a mortgage today! Now you are probably thinking that although you areeligible, it will be difficult to qualify. The truth is thatqualifying is much easier than you think. The fact that youhave been through bankruptcy is not even considered in theevaluation of your credit. Any liens, collections orjudgments that appear on your credit report will also not beused in the evaluation of credit and will not need to bepaid off. What is important and what will be looked at is your creditscore. Now here is the good news: with a minimum FICO scoreof 500, you are qualified to purchase a home with a 20% downpayment. Having a credit score between 550 and 579 willallow you to borrow up to 95% of the purchase price; andwith any score above 580, you are qualified for 100%financing. With the competitive rates that are available on mortgageafter bankruptcy programs, you are able to realize the dreamof homeownership with a mortgage payment that is affordableand fits easily within your budget. Along with thetraditional benefits of owning a home, such as equitybuilding and tax benefits, you will most importantly berebuilding your credit profile. Additionally, you may alsobenefit from the current strong housing market and itsappreciating home values. So now you know the following: that you can qualify for ahome loan today, what the credit requirements for a mortgageare, and that you can rebuild your credit and financial lifethrough homeownership. Gone forever are the days of waitingtwo years and living with the dim prospect of obtaining amortgage after bankruptcy. You have worked hard to dischargeyour bankruptcy and have the fresh start that you werelooking for. There is empowerment that comes with the knowledge that youcan purchase a home today even if your bankruptcy wasdischarged yesterday. So get qualified for a home loan,start searching for a home and begin packing those boxes! Lee Seno is Director of Consumer Education for Ascenteum Mortgage. Ascenteum Mortgage is THE SOURCE for specialty mortgage products including stated income loans, interest only loans, and mortgages after bankruptcy. For additional information, visit Ascenteum Mortgage =>Mortgage after Bankruptcy
MORE RESOURCES:
Google News |
 |
|
|
RELATED ARTICLES
What is an Offset Mortgage? An offset mortgage is very similar to a current account mortgage - but instead of having everything all in one account, all accounts are held separately.The offset mortgage concept treats your money as one giant pot, with each element (mortgage, savings, current account etc) separate to the rest. Revive Mortgage Tenure With Extend Loan Term Remortgage You are comfortably wedged in a mortgage deal, paying the standard rate of interests year after year. You are most in all probability paying more than required and you don't even know it. Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later There are great mortgage loans for people with poor credit, and yes, you can still save thousands of dollars. In order to receive preferential treatment for mortgage professionals, you'll need a credit score of 680 or better (this is considered A credit). Home Loans and Mortgages - Beware of Deed Theft Scam The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket. Understanding Mortgage Points When a mortgage broker asks a borrower to pay points, he or she is asking for a lending fee expressed as a percentage of the value of the loan. For example, two points on a deal worth $100,000 works out to $2,000. Seller Financing Although any loan used for buying real estate is strictly called a purchase money mortgage, the term is often employed for seller financing, those transactions in which you "take back" a mortgage as part of the purchase price. These arrangements are suitable, of course, only when you do not need your proceeds immediately toward the purchase of another home. Be Prepared when Seeking a Mortgage When you're looking for a mortgage, whether it's a first time loan or you're taking advantage of an opportunity to refinance an existing mortgage, it may seem that you're wading through a quagmire of uncharted territory. If you're prepared ahead of time, you'll avoid some of the common pitfalls and know how to find the best deal for your situation. Decision Time: Home Equity Loan or Home Equity Line of Credit? Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. Consolidate Debt With A Home Equity Loan If you are a home owner who is having to borrow from Peter to pay Paul due to a mounting debt load, a debt consolidation home equity loan may be the answer. A debt consolidation loan will allow you to consolidate your high interest credit card and consumer loans into one low rate, affordable monthly payment. 5 Ways to Use Your Home Equity Line of Credit Your home is a source of pride and accomplishment. Did you know that your home can also be an affordable source of income? As your home appreciates and you make your monthly mortgage payments you build what's called equity. How to Secure the Best Mortgage Deal and Save Yourself Thousands in Interest When you consider that the average home owner will pay out far more in interest over the lifetime of their mortgage than their home actually cost in the first place, you can see why working to secure yourself the best possible mortgage deal now could save you tens of thousands of dollars in interest over the 25 - 30 year lifetime of your home loan.For the majority of us our house is the single most important and expensive purchase we ever make! Because this is the case we invest a lot of time and effort into finding the perfect property in the most ideal location, however few of us invest the time and effort we should into researching and securing the best possible finance method for purchasing our home. Carolina Mortgage Loans You're selling your home and are looking to relocate to the Carolinas. While researching homes in your new community you discover that you do not know of any mortgage lenders in the area. Home Equity Loans Can Provide Cash in a Hurry Think About the Long Term. Estimate how long you expect to stay in your current house. What Are Home Equity Loans? A home equity loan is simply borrowing on the difference of the value of your home and the outstanding mortgage on the house. Lets say, you have bought a home worth $50,000 some time back, after making a down payment of $5,000. Getting the Best Homeowner Loan for Your Money With so many lenders out there, it can be hard to tell if you're getting the best homeowner loan for your money. Banks, finance companies, and online lending services all offer competing loans, but determining which offers you the best homeowner loan can be tricky. Some Mortgage Loans are Available with Absolutely no Money Needed From You Today, FHA will loan up to 97 percent of the purchase price of a home, meaning a borrower only needs 3 percent. The three percent down payment can come in the form of a gift, and closing costs can be financed into the loan, making this a true no money out of pocket purchase transaction. Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home When refinancing your home, it's helpful to know a few things about refinancing. When you refinance, you usually pay off the old loan and sign for a new loan, whether you are refinancing your 1st mortgage, second mortgage or home equity loan. Total Cost Of Credit vs Monthly Payments I read a press release the other day which points to the fact we need to be very careful with our finances. The subject of the release was home mortgages. 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. Refinancing Your Home - How and Why? Chances are you may need a little extra money to get some work done around the home or perhaps your current interest rate is 7.5% and the prime interest rate is 6.
|
| home | site map |
| © 2007 |
