Finance: Bankruptcy And Buying A Home

Bankruptcy And Buying A Home

Written by Carrie Reeder

Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be able to buy a home after a bankruptcy. The answer is yes! Mortgage companies and online lenders are now offering home loans for those who have a bankruptcy on their credit report. Some lenders will even approve your loan as soon as one day after your bankruptcy has been discharged.

Buying a home after bankruptcy is no longer impossible. There are many reasons a person chooses to file bankruptcy. The loss of a job, unexpected medical bills, and overwhelming credit card debt are just a few of repparttar factors that can lead to filing bankruptcy. The mortgage lending industry has created special loan packages and terms for those who have filed bankruptcy in repparttar 147549 past. Lenders have little to lose in approving a home loan after bankruptcy. With your home serving as collateral for repparttar 147550 loan, repparttar 147551 lender can feel confident in approving you for a home loan, often soon after your bankruptcy has been discharged.

Filing bankruptcy and buying a home are no longer mutually exclusive terms. Both traditional and online

Bad Credit Refinance Loans - Finding A Good Lender

Written by Carrie Reeder

Finding a good lender to help you with refinancing your home loan can be tricky if you have bad credit. There are plenty of predatory lenders out there who would like to take advantage of you with excessively high interest rates and fees. The key to finding a good lender is to know what are reasonable terms and to compare lending companies.

Look At Your Credit Record

Credit records are not perfect accounts. Before you apply to refinance your loan, you should check to see that all your information is correct. If you believe there is a false record, resolve it with repparttar credit reporting company.

You also want to know what your credit score is. The lower repparttar 147548 score repparttar 147549 higher rate you will have to pay, but at least you will have an idea of what to expect from a lender. Paying three to five additional points is common for people with bad credit history.

Compare Lenders

Lenders offer different rates for repparttar 147550 same type of loan, so shop around. The easiest way to compare quotes is to use an online website. By entering your information online, companies compete for your loan, offering you better rates. The internet also allows you to compare mortgage lenders outside your local area, possibly finding a better deal.

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