Mortgage Loan After Bankruptcy
Finding a Loan after bankruptcy
Finding a mortgage that suits our needs can be a challenging and mind boggling task for any borrower. But if you are looking for a mortgage loan after bankruptcy, the search can be much, much more difficult. For those who have been declared bankrupt in the past but have managed to get themselves and their finances back together, the search for a decent company who will help finance the purchase of a property can be a tiresome and difficult task.
Lenders who do offer homes loans after bankruptcy or to those with a bad credit history tend to impose huge interest rate charges to insure themselves against possible losses brought about by funding such a high-risk loan.. However, there are companies who will offer fair rates and treat the customer with a respectful and caring attitude. Obtaining a mortgage is a stressful event, so finding a company with friendly and helpful staff is also important.
Companies - Bad Credit Alliance
Companies such as the Bad Credit Alliance will deal with bad credit borrowers who have been discharged from chapter 7 or 13 bankruptcy. However, it is important that the customer is able to comply with their underwriting requirements. It is imperative that the borrower provides documentation to support their monthly income. Also, being able to prove that all the fees and closing costs can be met is important. These fees usually amount to around two or three percent of the purchase price of the house. For this reason it is highly important that borrowers are realistic about their income, their outgoings and ultimately, what they can afford.
Many mortgage companies specializing in bad credit operate over the Internet. This arm of the company will probably suffer fewer overheads and in theory, this should equal better rates for online consumers. Quotes can be obtained in as little as 24 hours, making the whole process a whole lot less painful and time-consuming for applicants and potential customers. Once a quotation has been received, it is then possible for users to work out their finances and to establish what monthly payment they can realistically and comfortably afford to make each month.
So to summarize, if you have been bankrupt in the past, it is possible to get a mortgage loan to purchase you new home. What is important now is that you know you have enough income to pay the monthly payment without running into any problems. To start, either take a look on the Internet or contact a mortgage broker in your area to discuss your needs.