Check your local newspaper for information about rates and points currently being offered.

Ask for points to be quoted to you as a dollar amount--rather than just as number of points--so that you will actually know how much you will have to pay.

Fees

Besides Points and mortgage rate compare fees.A home loan often involves many fees, such as loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates.

Ask what each fee includes. Several items may be lumped into one fee.

Ask for an explanation of any fee you do not understand.

Also, besides Points, Fees and Mortgage rate compare responsiveness of lenders. Make sure you feel comfortable with lender you choose. Remember they’re working for you.

It is also responsibility of bankrupt to make an honest list of all creditors: as a bankruptcy is also a chance to start again bankrupt should ensure every creditor is notified. Not that a creditor could make a claim against you after a bankruptcy, but it will get all your creditors of your back.

A bankruptcy order takes precedence over all other forms of debt recovery. All creditors have right to be included in list of creditors, and benefit from any payment arrangement.

If you own your home you would be fortunate to keep it. You can keep household ‘essentials' such as, bed, fridge, heating appliances but not, TV's, video recorders, computers - unless used for work, or used to get work.

All ‘tools of trade' are protected, but will be scrutinized.

A bankruptcy will normally last until third anniversary of bankruptcy order. During this time you are not allowed to hold a public office, become a company director (or in all but name run a business) and you must not apply for credit over £250 without notifying lender of your bankruptcy.

Your credit file will show your bankruptcy for six years from bankruptcy order.

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