Welcome to Home Loans Guide
Home Loans Equity Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Tips for Getting Home Loans after Bankruptcy
from:Once upon a time, it was rather difficult to get home loans after bankruptcy. Don’t think that with a bankruptcy on your credit report, you will not be able to buy a home. On the contrary, today people who have gone through bankruptcy are encouraged to take home loans.
The only drawbacks with home loans after bankruptcy are that the debt will be closely monitored, made available in small amounts and are usually of higher interest rates as those who have gone through bankruptcy are considered to be high risk borrowers.
Keep a Two Year Gap before Applying for a Loan
You have to wait for two years after filing for bankruptcy, before you apply for a home loan. Once these two years are over, you will easily be able to get your loan. Moreover, it is very easy for you to get 100% financing for your home after this 2 year gap.
The main thing you have to do to easily get home loans after bankruptcy is to build up your credit report. This can be done by ensuring that all the payments that you make within this 2 year span, are on time, and are reported to the credit bureau. Make sure to emphasize the fact that the payments were all made on time, on discharge of your bankruptcy.
If you have a flawless payment history since your bankruptcy discharge, you can try, and even avail of home loans after bankruptcy. In addition to this, you will have to make a down payment towards the home loan. Most of the time, it is sufficient for you to pay only 3-5% of the amount required for the home, as down payment and thus get approved for the loan.
Keep Tabs on Your Credit Report
You can also build your credit rating by getting and using a secured or unsecured credit card. However don’t forget not to charge more than the amount you can afford to pay in a month. While you aim at building your credit report, remember that errors are possible anytime.
So keep checking on your credit report so that you can monitor your progress in rebuilding your credit report. Having a steady income will also make it easy for you to get home loans after bankruptcy.
There are many mortgage companies, banks and financial institutions offering home loans after bankruptcy. Different companies have their individual terms and conditions. So ensure that you understand all the terms the lender you approach states for your home loan. If there are any doubts about interest rates, payments or fees, clear them before signing on the dotted line.
Warning: file(http://www.searchfeed.com/rd/feed/TextFeed.jsp?trackID=&pID=&cat=home+loans+equity+loans&nl=5&page=1&excID=) [function.file]: failed to open stream: HTTP request failed! in /home/pooja81/public_html/loaninfoshop/home/datas/searchfeed.php on line 8
Home Loans Equity Loans Specific links
Home Loans Equity Loans News
Pros and cons of home-equity loans (Seattle Times)
A once-easy source of money for homeowners is now being cut back or frozen by lenders. Here are some pros and cons to taking out all you can from your home-equity loan now and putting it in a safe place in case you need it later.
Read more...Nigeria: IFC Invests in Ghana Home Loans to Expand Access to Housing Finance (AllAfrica.com)
IFC, a member of the World Bank Group, will invest in Ghana Home Loans to help the specialised mortgage provider boost residential mortgage lending and provide better access to housing finance for Ghanaians.
Read more...Amlak halts home loans (AME Info)
Amlak Finance, the UAE's biggest mortgage lender by market value, has temporarily stopped granting new home loans, Bloomberg has reported. The bank is reviewing its existing credit policy 'to ensure optimum servicing of existing and prospective accounts', CEO Arif Al Harmi said.
Read more...No-deposit home loans on way out (Herald Sun)
NO-DEPOSIT home loans could disappear next year as the global credit crisis puts the squeeze on banks.
Read more...Hong Kong's Negative Equity Cases Triple As Property Prices Fall (Nasdaq)
HONG KONG (AFP)--The number of Hong Kong home mortgage loans in negative equity in the third quarter was almost triple that of the previous three months as property prices plunge, officials said Friday.
Read more...