Check Credit - A home loan is one of the biggest loan segments. Mortgage loans were popularly used to finance house purchased. Home equity loans work on the principle of leveraging their equity in the house ownership to a loan. This type of loan could be used to refinancing or clearing other high-interest loans. VA loans or FHA loans were popular in this category. Construction loans were used to finance home constructions. Such loans were disbursed in stages based on the construction or interest is charged accordingly.
Check Credit, A mortgage loan is probably the biggest loan a creditor will ever give you - so it stands to reason that they want to take as little a risk as possible. In short, they want to give mortgage loans to people, that they believe will repay their loans back in full and on time. If you have poor credit (low FICO score), lenders see you as a credit risk and make judgments about your ability to pay your mortgage loan on time every month.
A report documenting the credit history and current status of a borrower's credit standing.
Check Credit, a) Finding out credit cards which are not needed anymore and closing the corresponding credit accounts.
Absolutely. In fact, there are many studies that show bankruptcy debtors can qualify for a home loan on the same terms as if they had not filed bankruptcy within 18 to 24 months after a bankruptcy discharge. You see, what the creditors are concerned here is not your past financial troubles but your current financial status e.g., your down payment, the stability of your income and the relationship between the loan payments and your monthly income. That said, take note of the following things that you might want to do in preparation for your first house purchase post bankrupcy:
Advice, information, and caution from MMI's consumer credit counselors about the real possibility of repairing damaged credit. For further information on credit repair, contact MMI's consumer credit counselors at: 1-888-845-5669.
Check Credit - After you have reviewed your credit report using this site, it is important to immediately report any errors you uncover. Unfortunately it is all too common for credit reports to contain errors, so chances are good that your own credit report is less than 100% accurate. If you spot any issues, such as a closed or paid off account that still shows as active, or a new credit card account you did not authorize, be sure to report it to the credit agency immediately.
Almost anyone can lock down his or her credit. Since 2003, when California allowed its residents to lock down their credit reports, other states have began to follow suit including New Jersey, Louisiana, Nevada, Connecticut, Maine, North Carolina and Colorado. Other states such as Texas, Illinois, Vermont, and Washington will only allow victims of identity theft or those who have fallen victim to a security breach to freeze their credit reports. If your area is not listed here, then by inquiring at any one of the three major credit-reporting agencies you should be able to find out what your state allows.
Also, you will want to establish some new accounts, and pay them in a timely manner over time. If youve paid the accounts on time for about 18-24 months since your bankruptcy, this should help rebuild your credit - which can be a plus when applying for a mortgage after bankruptcy.
Check Credit, Always keep a cool head, even simple problems could be a burden at that time they had so many details to take were of, so do not over-react if they hit a few snags on the way to closing. Keep a cool head or work with the people helping they through the transaction to resolve any issues that pop up.