Eligibility For Mortgage Loan After Foreclosure

You may be thinking that you no longer qualify for a mortgage since you have a foreclosure in your credit report. But this isn’t true !

You can still qualify for a mortgage after foreclosure. However, you may not enjoy very good interest rates and you will shell out more than the mount you opt for. So, it is best to improve your credit rating prior to applying for a mortgage immediately after foreclosure. Instead you try to explore the different ways in which you can improve your credit rating.

Given below are a few suggestions in which you can do so :

Apply for new credit accounts

Apply for a secured or an unsecured credit card or a department store card and make sure you make regular payment for your bills each month. If you are able to do so, it sends positive signals to your creditor and indicates that you are financially responsible.

Budget your finances

Once you have faced foreclosure, you will probably not want to repeat the same financial errors again. You can work out a budget that can be used to keep track of your finances.

Determine your home affordability

When you apply for a mortgage, you may come across lenders or mortgage brokers that will force you to inflate your income so that you can take out a mortgage of a bigger amount. But you should avoid such manipulation. Make use of a mortgage calculator that can help you to ascertain your home affordability.

Save enough cash for down payment

The more you save for down payment, the better it is. This is because you will have to repay less. And if the mortgage you are taking out is not very big, the amount you pay each month is also less. While you are trying to improve you payment habits, you can keep aside some cash that can be used for your down payment later.

Check out prevailing conditions in the market

It is not just important to rebuild your credit. You must also take into account the prevailing condition of the mortgage market. If the prevailing condition of the market has pushed the price of homes quite low, keep in mind that in case you need to sell off your house, it won’t be enough to pay off your mortgage.

One of the main factors that the lenders see is how you have been using your cash since you faced foreclosure. One aspect that you need to keep in mind is that if you have faced foreclosure and you are planning to take out a mortgage, majority of the lenders will lend not more than 75% to 80% of the purchase price of the home.

If you have further queries, kindly check out topmortgageadvice.com

Busy !

Been so caught up with work and all the things that has happened in my family that I have almost forgotten I had this blog.

How are you doing with your current mortgage loans ? Any ideas on improvement and how to lower the rates especially ?

Of particular interest is in refinancing and your contributions will be appreciated.

Let me know !

Online Search for Mortgage Tips

Whatever that is written on this mortgage blog is also based on sources and searches from the internet as well as from personal experience.

Ideally, you should learn to Bing or Google for more sites to gather more information if you are actively seeking mortgage and equity loan information, suggestion or advice.

My advice is that once you have gathered sufficient information or have built up more questions, you can approach your local financial institution for a private consultation on your mortgage needs. Afterall, a mortgage on your home is not a small issue and involves money, and proper planning on repayment to ensure that you can adequately afford your loan and not default on payments.

Also, different countries and even different regions within the same country may have different rules and regulations, and premiums based on living standard and localised needs. So, reading about mortgages online is just to provide you with a general overview of what to do. Most important is you still need to go to your localised lending insitutions as they are the ones who will understand your needs better that suits your community.

And I would also suggest meeting up more than 3 lenders so that you get a better picture as this is a long term committment that can help you or cause you more unhappiness if you do not manage your home mortgage loan prudently.

So, to conclude, online is a good start but you should not end there. ultimately, approach your local lender !

On My Blog

For those who visited my blog, you guys are probably looking for a solution to your home mortgage needs. Might with any unpleasant situation with your current loans ?

Or you are currently already servicing a loan and is looking into tips to refinance or reservice it.

Well, you have certainly come to the right blog !

Go through my blog, browse through the topics available to gain further insight into the world of smart mortgage loan financing.

Get tips and ways to lower your rates, refinance them for better management or find new ideas on how to manage them.

Of course, I am not a guru in this topic but I want to share with everyone the information that I have gathered based on personal life experience as well as what I have found on the net and from my finanical consultants.

If nothing else, I hope you will find my HMEL blog a good read :)

Have a great life people ! Lead a life free of debt and not be led by the nose by your loans :)