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Mortgage after Bankruptcy - 3 Things to Know About Getting a Home Loan after a Bankruptcy
Years ago, people who had a bankruptcy on their credit report were unable to get a decent mortgage, if they were able to get approved for a mortgage at all. However, today, the rules have changed. More and more lenders are offering mortgage loans to people whove filed bankruptcy. If you have a bankruptcy on your credit report, and youre looking to get a mortgage loan, read this article to find out three things you need to know about getting a home loan after bankruptcy.
Waiting Two Years Earns You Better Interest Rates
If you need to apply for a mortgage earlier than two years after the date that your bankruptcy went through, youll likely get approved; however, your interest rates will be a lot higher than they would be if you wait two years. After two years, most lenders will see you as less of a risk, and you will qualify for much better mortgage terms.
A Bigger Down Payment Makes You a More Qualified Borrower
When you apply for a mortgage loan, your lender looks at something called your LTV ratio. LTV is the amount of money you are borrowing divided by the value of your home. For example, if your home is worth $100,000, and you are borrowing $90,000, then your LTV is 90%. 100% LTVs are generally reserved for borrowers with near-perfect credit. However, the lower your LTV is, the more likely you will get approved for your mortgage. Most lenders rarely decline loans with an LTV at or lower than 80%.
Some Lenders Specialize In After-Bankruptcy Mortgages
Some lenders specialize in loaning to people with either bad credit or past bankruptcies. These lenders will not view you as more of a risk than their other borrowers because all of their borrowers are in the same situation as you are. Your best bet is to shop online and compare interest rates and terms between different lenders. This way you can be sure that you are getting the best deal.
To see a list of recommended lenders for bad credit home loans or mortgage after bankruptcy lenders online, visit ABC Loan Guide.
More Useful Resource and Updates on florida home loan mortgage rate refinancing
- Mortgage rates drop slightly in week (Moldova.org)
Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.The 30-year, fixed-rate mortgage averaged 6.2 percent with an average 0.7 points in the week, Freddie Mac said.A week ago, 30-year, fixed-rate mortgages averaged 6.46 percent with an average 0.7 points. A year ago, the average rate was 6.24 ...
- St George cuts home loan rate to 7.74% (The West Australian)
St George Bank Ltd has cut its standard variable mortgage interest rate by 62 basis points. The rate will fall to 7.74 per cent, from November 14. The move follows the decision by the Reserve Bank of Australia (RBA) on Tuesday to lower the official cash rate by 75 basis points to 5.25 per cent.
- Britain slashes interest rate to 50-year low (The New Zealand Herald)
The Bank of England slashed its key interest rate by 1.5 percentage points yesterday to its lowest in more than 50 years in a dramatic bid to cushion the coming recession, while the European Central Bank settled for a more conservative half-point trim.
- Banks cave in on home loan rates: Millions WILL benefit as mortgage giants are forced to pass on historic interest ... (Daily Mail)
Banking giants were shamed into slashing their mortgage rates yesterday following a direct order from the Prime Minister.
- Rams Home Loans drops variable mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams? standard variable home loan has dropped 0.6 percentage points to
- Community helps W. Pa. couple keep home (Centre Daily Times)
At the end of August, Randy and Cindy Balzer were unable to make the payment on their Baldwin Township house after it adjusted to a higher interest rate, and their mortgage holder was ready to seize the home at a sheriff's sale.
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