Archive for November, 2008
It Can Be Very Difficult To
It can be very difficult to repair your credit after filing a bankruptcy. It is usually best to have a game plan on credit repair prior to filing a bankruptcy. Tags: bankruptcy, credit repair
It Is A Good Idea To
It is a good idea to review your credit report after a bankruptcy. Some accounts that were included in your bankruptcy will still show up as active and delinquent which will hinder your scores from improving. Tags: bankruptcy
Getting A Mortgage After A
Getting a mortgage after a bankruptcy is possible if you took the precautionary measures of building your credit during the bankruptcy. Re-establishing your credit is not too hard to do. Getting a secured credit card from a local credit union can help build your credit history. Tags: bankruptcy
Keep A Copy Of Your Bankruptcy
Keep a copy of your bankruptcy discharge as well as your list of debts discharged. This will be helpful if any errors appear on your credit report. Tags: bankruptcy
Pay Your Bills On Time
Pay your bills on time and pay down any outstanding debt balances to improve your credit after bankruptcy. Tags: bankruptcy
Not All Creditors React
Not all creditors react the same way to bankruptcy, but your credit will be hurt. This does not mean that you will not be able to obtain credit. A mortgage professional can advise you on what credit you need to get a mortgage after bankruptcy. Tags: bankruptcy
Some Other Factors That
Some other factors that lenders will look at is the borrower’s payment history on an existing mortgage as well as rental history. The better the payment history, meaning no late payments greater than 30 days, you will qualify for a lower interest rate and higher loan amount. Tags: interest rate
Many Mortgage Loans Programs
Many mortgage loans programs are available to borrowers with less than perfect credit. One thing to consider when obtaining a loan with less than perfect credit: the borrower can usually get a better interest rate by getting a two or three year fixed product rather than the traditional 30 year fixed. This makes good sense [...]
Even If You Have Filed For
Even if you have filed for bankruptcy or are currently in foreclosure, contact us about refinancing your property. You do not need perfect credit, even bad credit is ok with us because we have thousands of loan programs for borrowers of all credit types. Tags: bankruptcy, foreclosure
When Banks Underwrite A
When banks underwrite a mortgage application, there are four major factors they consider. Credit history is only one of four. Lenders also examine the loan applicant’s ability to repay the loan, the homeowner’s asset reserves, and the loan amount in relation to the property value, in other words, how much is the homeowner putting up [...]
