|
|
|
|
|
|
Buying A Home After Bankruptcy
If you're planning on buying a home after bankruptcy you'll want to read this article carefully.
Buying a home is probably the biggest purchase you will ever make. Having a bankruptcy on your credit report adds an extra challenge.
If you've read my book After Bankruptcy Credit Solutions, then know that many people who have had a bankruptcy apply for credit and loans the wrong way.
Mistakes in this arena can cost you $10,000s in extra interest and other finance charges. Let's look at an example:
You finally find the home you've been looking and the seller's asking price is reasonable. So you apply for a $250,000 thirty year loan to purchase the home.
You fill out a mountain of paperwork... sign here, initial here, sign here, etc. Then not to long after that the lender call you with great news - you've been approved!
But don't pop the cork on the champagne bottle just yet. Sure, you were approved but at what cost?
You were able to get a $250,000 thirty year loan at 8%. That means that over the life of the loan you'll pay $410,388.12 in interest.
What if you had been able to take specific steps to increase your credit score and shop loans - and, as a result, reduced interest rate by 1%. In that case you would end up paying $348,772.12 in interest.
The 1% difference comes out to $61,615.87! If you were able to achieve that by taking some very specific steps that would have been EXTRA money in your pocket!
What's the point of this example? You simply can't afford to get it wrong when it comes to buying a home.
Let's look at the RIGHT way:
First, if there was ever a time where it's critical that you've increased your credit score before shopping for a loan this is probably going to be it.
So you want to increase your credit score. By the way, if you're trying to qualify for a loan and time is of the essence there's a way to increase your score in as little as 72 hours!
Next, you want to have mortgage broker on your team. If you've had a
bankruptcy they can be invaluable. But you don't want just any mortgage broker.
You need to interview a few and ask them some very specific questions. It's really important that you have the RIGHT mortgage broker in your corner.
A good mortgage broker will have access to several lenders and know which one is appropriate for your situation. They will also be able to walk you through the entire loan approval process.
Only after you have lined up financing should you begin to look for a home. Of course, you'll want to interview a number of real estate agents.
But what if you can't get approved for a conventional loan? Don't worry! There are a number of strategies you can use to purchase if you can't qualify for a traditional mortgage.
In fact with one of the strategies it doesn't matter if you have terrible credit or even if you are unemployed... you can still qualify!
Copyright © 2005 Innovative Solutions Publishing, Inc. All rights reserved.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the service of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author: R. Lawrence Anderson is the author of After Bankruptcy Credit Solutions which shows individuals how to qualify for credit & loans after bankruptcy. For more information visit: http://www.bankruptcy-credit-solutions.com
Source: www.isnare.com
|
|
|
|
|
| Real Estate, Property, Land and Homes for Sale, lease and rent ... |
| Comprehensive real estate and property listings. Includes information on buying and selling, tips on building, an auction timetable and other helpful ... |
| www.realestate.com.au |
|
| Real Estate | Homes for Sale | Houses for Sale | MLS Listings ... |
| RealEstate.com provides home listings , homes for sale , REALTORS , house listings , apartment locating services. We have Florida real estate , Texas ... |
| www.realestate.com |
|
| REALTOR.com: Real estate listings & homes for sale |
| Search for a new home or find mortgage rates, real estate agents, and relocation services throughout the US, Canada, and Puerto Rico. |
| www.realtor.com |
|
| Real Estate on Yahoo! Real Estate - Homes, Mortgage Rates, School ... |
| Yahoo! Real Estate is the most comprehensive place for real estate, housing market information, school reports, local mortgage rates and more! |
| realestate.yahoo.com |
|
| Find Your Home Value, House Values and Prices on Yahoo! Real Estate |
| Yahoo! Real Estate - Free instant home values and comparable home valuations for millions of houses. Check your home's price or any house value. |
| realestate.yahoo.com |
|
| Real Estate, Houses for Sale, Rentals, Commercial and Businesses ... |
| Real Estate, Houses for Sale, Rentals, Commercial and Businesses for sale at Realestate.co.nz. |
| www.realestate.co.nz |
|
| Real Estate - Buy, Sell or Rent a Home - New York Times |
| Online real estate listings for properties in New York and nationwide. |
| www.nytimes.com |
|
| Century 21 Real Estate Agents and Brokers |
| Agency with franchised offices throughout the United States, Canada, Europe, Latin America, the Middle East and Asia. Find local offices and agents, ... |
| century21.com |
|
| Zillow - Your Edge in Real Estate |
| Zillow provides a free Home Valuation Tool for Real Estate enthusiasts. Whether you're an agent, broker, buyer of investment property or first time ... |
| www.zillow.com |
|
| STLtoday - Homes |
| Real estate agent revels in the boom in downtown St. Louis living ... [more real estate news as seen in the St. Louis Post-Dispatch] ... |
| www.stltoday.com |
|
| Real estate - Boston.com |
| Boston Real Estate - Search the Boston Globe and Boston.com for Massachusetts Real Estate, Boston Condos, Land for sale, Vacation Rentals and more. |
| www.boston.com |
|
| ABCs of Real Estate |
| Real Estate ABCs consumer tips, hints, and resources for home buyers, sellers, and mortgage borrowers. |
| www.realestateabc.com |
|
| washingtonpost.com - Washington DC real estate, Maryland real ... |
| Washington, DC, Virginia and Maryland homes, real estate news and headlines. [Registration required] |
| www.washingtonpost.com |
|
| Coldwell Banker Real Estate Corporation |
| Real Estate from Coldwell Banker ®. Buying a home, selling a home, or finding a real estate agent is easy with Coldwell Banker. Find a home, sales associate ... |
| www.coldwellbanker.com |
|
| Detroit News Online | Real-Estate |
| Sellers around the state have been frustrated with the slow sales patterns of Michigan real estate over the past year or two. But buyers have been enjoying ... |
| www.detnews.com |
|
| Newsday.com - Long Island Real Estate for Nassau County and ... |
| In a real estate market increasingly defined by niches, ... Real Estate Resources. Search by school district for recent home sales in Nassau and Suffolk ... |
| www.newsday.com |
|
| Real Estate for Sale, Rent and Share @ Domain.com.au |
| Real Estate for Sale, Rent and Share @ Domain.com.au. Houses and apartments for sale or rent all over Australia. Thousands of properties in Sydney, ... |
| www.domain.com.au |
|
| Luxury real estate news and features - Forbes.com |
| Luxury real estate news and features at Forbes.com. Core topics include real estate, mansions, condos, co ops, oceanfront realty, second homes, ... |
| www.forbes.com |
|
| Real Estate News - Prices, Mortgages, and Calculators from CNNMoney |
| Latest on mortgages, refinancing, & home tips from CNNMoney.com. Calculators for refinancing, mortgage payments and more. |
| money.cnn.com |
|
| Los Angeles, California, national and world news, jobs, real ... |
| Los Angeles' leading online source for local, state, national, world, entertainment, and sports news. Plus jobs, real estate, cars and shopping information ... |
| www.latimes.com |
|
|