| If you want to increase your chances of qualifying | | | | explain the criteria that each lender has. |
| for a mortgage after bankruptcy, here are some | | | | If you have copies of your credit reports from each |
| steps you can take: | | | | of the major credit reporting agencies (Experian, |
| First, if you plan to apply for a mortgage after | | | | Equifax, and Trans Union) this will help also. Your |
| bankruptcy, you will want to have any inaccurate or | | | | credit report will play a major role when it comes to |
| obsolete negative information on your credit reports | | | | qualifying for mortgage after bankruptcy. |
| corrected or removed. This can help increase your | | | | On that note, if you want to increase your chances |
| credit score. | | | | of qualifying for a mortgage after bankruptcy, make |
| Also, you will want to establish some new accounts, | | | | sure that any inaccurate or obsolete negative |
| and pay them in a timely manner over time. If you've | | | | information is removed from your credit report. This |
| paid the accounts on time for about 18-24 months | | | | is important for two reasons: (1) It can mean the |
| since your bankruptcy, this should help rebuild your | | | | difference between qualifying or not qualifying for a |
| credit - which can be a plus when applying for a | | | | mortgage after bankruptcy, and (2) if you end up |
| mortgage after bankruptcy. | | | | qualifying for mortgage after bankruptcy, any |
| Next, you will want to work with an experienced | | | | inaccurate or obsolete negative information on your |
| mortgage broker. Why? Because buying a home is | | | | credit report could cost you up to $1,000s or even |
| probably going to be one of the biggest investments | | | | $10,000s in additional interest. |
| you'll make. You will want to have an experienced | | | | How do remove any inaccurate or negative |
| professional guiding you through the lending process - | | | | information from your credit report, so you can |
| especially when it comes to applying for a mortgage | | | | improve your chances of qualifying for a mortgage |
| after bankruptcy. | | | | after bankruptcy? There are specific steps you need |
| A mortgage broker typically has access to dozens of | | | | to take. While I cover them in After Bankruptcy |
| lenders and will probably have a good idea of which | | | | Credit Solutions, there is not enough room to go into |
| ones will (and will not) approve you for a mortgage | | | | detail here. Just remember that ideally you want |
| after bankruptcy. In addition, they will be able to tell | | | | rebuild your credit history before applying for a |
| you what to expect in terms of the financing | | | | mortgage after bankruptcy. |
| process. | | | | By the way if you think that removing inaccurate or |
| So how do you find a mortgage broker? One way is | | | | negative information from your credit reports takes a |
| to to ask friends or real estate agents for a referral. | | | | long time, I have good news. There is a way to have |
| Once you have a few names, set up an appointment | | | | it removed in as little as 72 hours - the service is |
| to interview each mortgage broker. | | | | typically not available directly to consumers. In After |
| Among other questions, you will want to know if | | | | Bankruptcy Credit Solutions I show you how to find |
| they have successfully been able to get other | | | | this type service if you are trying to qualify for a |
| individuals a mortgage after bankruptcy. You also | | | | mortgage after bankruptcy. |
| want to make sure they are licensed. | | | | In this article we touched on two important steps |
| Another question you will want to ask is what type | | | | you can take if you plan on applying for a mortgage |
| mortgage loan (A, B, C, or D) the mortgage broker | | | | after bankruptcy: Correcting or removing any |
| thinks you can qualify for. Why? The lower the grade | | | | inaccurate or obsolete negative information from |
| of the loan, the higher the interest rate. This is an | | | | your credit reports, and finding a mortgage broker to |
| important consideration when applying for a | | | | guide you through the lending process. |
| mortgage after bankruptcy. | | | | Copyright © 2006 Innovative Solutions |
| In addition, there are other important questions you | | | | Publishing, Inc. All rights reserved. |
| will want to ask a potential mortgage brokers - ones | | | | The company and product/service names referenced |
| that could help you save money and/or increase your | | | | in this article are the trademarks, registered |
| chances of qualifying for a mortgage after | | | | trademarks or service marks of their respective |
| bankruptcy. While there isn't enough room to cover | | | | owners. None of the owners have sponsored or |
| them here, I go into detail on them in After | | | | endorsed this article. |
| Bankruptcy Credit Solutions. | | | | DISCLAIMER: |
| Also make a point to bring your financial information | | | | This information is designed to provide only a general |
| with you when you meet with a mortgage broker. | | | | overview of the subject matter herein. |
| For example, you should have your income and | | | | This information is provided with the understanding |
| expenses available as this will help the broker | | | | that neither the publisher nor author is engaged in |
| determine the loan amount you may be able to | | | | rendering legal, accounting or other professional |
| qualify for when it comes to a mortgage after | | | | advice. If legal or other expert assistance is required, |
| bankruptcy. | | | | the services of a professional should be sought. |
| Generally speaking, most lenders will allow you to get | | | | Neither the publisher nor author shall be liable for any |
| a home loan with a payment of up to 28% of your | | | | loss or damages, including but not limited to special, |
| gross income. So if you make $4,000 per month, | | | | consequential, incidental or other damages, caused by |
| that would be $1,120. But keep in mind that this just | | | | the information contained herein. |
| an example. Again, a good mortgage broker can | | | | |