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Home Loans for Discharged Bankrupts

If you are looking for a home loan after discharging bankruptcy, you will find that most mainstream lenders/credit providers will reject your loan application.

Can I still get a Home Loan?

While it is challenging as a discharged bankrupt to get a home loan, it is still very much possible because there are lenders/credit providers that specialise in this “niche” market.

How Long after my Discharge can I apply for a Home Loan?

The longer you have been discharged, the better it is for you. Here is a list of when lenders/credit providers will consider your request for home loans after bankruptcy;

>> Most lenders/credit providers allow discharge bankrupts to borrow just as soon as their term of bankruptcy finishes; and

>> Others have a minimum number of years before discharged bankrupts can apply for a home loan.

How much can I borrow as a Discharged Bankrupt?

The amount you can borrow will vary for each lender/credit provider. However, most lenders/credit providers will consider loans of up to 80% of your security property’s value.

What Amount of Deposit do I Need?

In most instances, it would be ideal to have at least 20% of your home’s purchase price set aside as your deposit amount. It will put you in a safe range, and increase your chances of getting approved.

What should I consider when applying for a Home Loan?

Here is a list of things to keep in mind when you are applying for a home loan and you are a discharged bankrupt:

>> You should be able to demonstrate that you have a secure and permanent employment;

>> If you are self-employed, you should be able to produce the last two years tax returns or financial statements;

>> You should have a minimum of unsecured liabilities as possible;

>> You should conduct all your financial affairs in an excellent manner (e.g. if you are paying rent through a rental estate agent, paying your bills on time will help you);

>> You should be able to provide a sound and transparent explanation regarding the situation that led you into bankruptcy (e.g. critical illness, etc.);

>> You should provide evidence as part of your loan application process, to indicate that this bankruptcy was a one-off situation, and it was well beyond your means to avoid.

Will I Be Charged any Fees and Higher Interest Rates?

As a discharged bankrupt, here is a list of factors to consider when choosing a discharged bankruptcy loan:

>> Don’t expect very low-interest rates as your loan interest rates may be higher than the average rates; and

>> You may want to consider the fees that lenders/credit providers will charge on top of the interest rates.

What Loan Purpose can I consider?

Discharged bankruptcy home loans can be used for any worthwhile purpose, such as:

>> Owner occupied property home purchase;

>> Refinancing home mortgage; and

>> For cash out purposes (e.g. business or consumer purposes).

What Types of Home Loans can I Consider?

These will depend on the specialised lender/credit provider you choose. Here is a list of loans you can consider:

>> Basic standard full doc home finance; or

>> Low document or no document home finance – They are useful if you are self-employed and cannot provide any proof of income, such as recent tax returns.

Take Help of a Finance Broker

When your credit has been damaged following a bankruptcy, you have to be more cautious when it comes to your finances. It is strongly recommended that you obtain expert advice from a finance broker who specialises in providing home loans with a discharged bankruptcy. Here is a list of skills your finance broker should have to assist you:

>> Your finance broker should be able to complete a pre-assessment of your loan application to find you the best possible solution and option; and

>> Your finance broker should have a clear understanding of the lending policies, guidelines and standard requirements for discharged bankruptcy home loans.

Taking Charge of Your Credit and Finances #15 – Home Loans

If you have been thinking about buying a new home, now is the time to do so. The real estate market has not been this attractive for new and potential buyers for years and you could get a steal. Not only has this economy caused prices to plummet, foreclosure rates are so high you can buy from lenders who are desperate to unload properties. Along with low interest rates there is no reason to wait any longer if you have taken the proper precautions and prepared wisely. Preparing to buy a home actually does take a lot of work based on what you will need to have a loan application approved. You can not simply sign up and hope you have enough money; you actually need to have a lot more than that. First off you need to prove you can afford a monthly mortgage payment with a long history of established income. If your mortgage bill each month is going to be about a thousand dollars then you need to make at least three times that amount if you want to be taken seriously. Next you need to work on the deposit which can be very expensive, even if you are buying a cheap home. At $150,000 a home would be considered pretty cheap, but you will still need to have a down payment of at least 20% or $30,000. For most people it can take a while to save up that kind of money.

Once you have the money aspect taken care of you need to make sure you have a good credit score if you want to get your loan application approved. A good score in not only important to get approved, it will help you to save hundreds of dollars a month on payments. Of the three things you need, a good score is the only one you can take care of in weeks thanks to credit repair. Credit repair will fix any score quickly so you don’t have to miss out on your home.

Finance Your Home Loan With Zero Down Home Loans

Most people are graving for a zero down home loans. At some instance, coming up for a home loan deposit is very tough especially if you have not sure nor been taught on how to save money. This is the reason why zero down loans are very attractive.

Let me evaluate first the idea before getting any further. Mostly, financial institutions who are willing to borrow 100% of a mortgage debt try to charge exorbitant high interest rates. The thought of not going to sacrifice saving from 10 or 20 to 30 percent of the purchase price would essentially means a long term cost for a person in one way or into another. Also lenders have many limitations and criteria in availing for these loans. Late payment or default may be resulted into loss of home. You just need to study the terms and condition with an excellent idea. If you have confusion about their condition, you can get a lawyer or a mortgage broker perhaps.

More often, the mortgage broker are more ideal and can be obtain with the best free services. There are many people purchasing homes, wasting a zero down home loans which resulted into increasing the competition of institutions. More likely, qualified dealers’ gets into your way, increasing your possibility of getting that loan and be near to your success. You may also contact other lenders that may offer only a 5 percent deposit which means a lower interest rate as well.

On the contrary, you have two options to obtain a zero down home loan. First way is to lend a down payment and the other way is to have the seller supply the down payment as a present for you. However, most first time home buyers get down payment aid through the help of the grants and low interest loans. It is very ideal for others seeking a zero down loan to use the two methods mentioned earlier. Take for example, you want to purchase a house but you lack an amount of money for down payment. Then the two processes are applicable to you. First, you can ask a second mortgage of about 20 percent of the price. It’s very easy to find sellers willing to finance down payment in a way of second mortgage. Another thing is that, if it is really impossible to find seller to finance the down payment for you, then probably you could sign up a third party in between. It could be a tax exempt charitable organization that publicizes its specialty. The seller sends a fund to the organization the same amount to the money you need. The intermediary will put a fee of about $400 to $500 and go beyond the balance of a down payment.

Following either one of the two processes mentioned above, it will allow you to own a house with zero down home loans. You can also search online about sellers and their offers. Surely with our technology today, you will not have a hard time looking for sellers online.

The Best Car Insurance Rates

If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.

In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.

Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.

Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.

Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.

Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.

In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.