After Bankruptcy--the Steps for Qualifying for a Mortgage May be Easier Than You Think
If you have gone through bankruptcy, you know that it is not the end of the world and that it is actually meant to give you a fresh start. The problem is that the start is not so fresh because bankruptcies usually leave your credit history, credit score, and subsequent credit reports in a shambles. You may have cleared your debts and given yourself a little breathing room, but you will probably want to qualify for a mortgage at some point after your bankruptcy. The steps that you can take to fix your credit history and credit score are not as difficult as some people might imagine. The most important thing that you can do to fix your credit is not to repeat the mistakes that led to your bankruptcy. If you got way in over your head with credit cards, then be careful when you are able to get new ones. If you had little or no savings, then you need to save enough so that you can get through tough times should they return. You need to be proactive about trying to improve your credit score. It is your credit that is going to determine whether you qualify for a mortgage or how much you qualify for. Hence, you need to get hold of a copy of your credit report and see if any accounts and payment obligations that you had before bankruptcy are still being shown as open. You need to get to the major credit reporting agencies, Experian, Equifax and TransUnion and get the problem resolved. You are going to have to insist so that these open accounts are shown as included in bankruptcy. If you do this, you will have taken a major and very positive step toward improving your credit score. You are going to need to establish credit to improve your credit score. However you choose to do it, whether it is through a secured credit card or some other type of installment loan, make sure that you can make the payments and that they are made on time. Almost nothing kills a credit score quicker than being late with payments. If you are careful with your credit and make payments on time, in as little as six months, you may qualify for a high-rate mortgage. However, patience will reward you because you might be better off waiting until you can qualify for an FHA loan, which can be gotten about two years after bankruptcy and at much better terms. You may be feeling itchy to buy a home, but you should be prudent and reasonable. You should make sure that you can afford to make mortgage payments and that you have enough savings to cover yourself in case something should happen where you do not have earnings for a couple of months. There are many people who rush off and buy another home as soon as they can qualify for one, but they often forget that homes come with costs other than the mortgage, and they wind up back in bankruptcy court.About the Author:
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After Bankruptcy--the Steps for Qualifying for a Mortgage May be Easier Than You Think Islamabad