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Mortgage
Mortgage after Bankruptcy - 3 Things to Know About Getting a Home Loan after a Bankruptcy
Tip! Mortgage rate is not the only important thing to compare. Also be sure to note the term, or length, of the mortgage as well as other conditions. While mortgage rate is very important, other things may outweigh it in the end. By asking lots of questions, you can be sure to compare lenders in the best way possible to get a fair mortgage rate. 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 who've filed bankruptcy. If you have a bankruptcy on your credit report, and you're 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, you'll 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.
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% LTV's 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.
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