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