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If you're planning on buying a home after bankruptcy you'll want to read this article cautiously.,casque dr dre
Buying a home is probably the massivegest purchase you will evermake. Having a bankruptcy on your credit report adds an extra challenge.
If you've read my book After Bankruptcy Credit Solutions, thenknow that many people who have had a bankruptcy apply for credit and loans the erroneous way.
Mistakes in this arena can cost you $10,000s in extra interest and other finance charges. Let's look at an example:
You finally find the home you've been looking and the seller's asking price is reasonable. So you apply for a $250,giubbotti moncler,000 thirty year loan to purchase the home.
You fill out a mountain of paperwork... sign here,louboutin, initial here,sign here, etc. Then not to long after that the lender call you with great news - you've been approved,abercrombie and fitch!
But don't pop the cork on the champagne bottle just yet. Sure,you were approved but at what cost?
You were able to get a $250,abercrombie,000 thirty year loan at 8%. That means that over the life of the loan you'll pay $410,388.12 in interest.
What if you had been able to take specific steps to increase your credit score and shop loans - and, as a consequence,piumini moncler, reduced interest rate by 1%. In that case you would end up paying $348,polo ralph lauren,772.12 in interest.
The 1% difference comes out to $61,615.87,ralph lauren pas cher! If you were able toachieve that by taking some very specific steps that would havebeen EXTRA money in your pocket!
What's the point of this example? You simply can't afford to getit wrong when it comes to buying a home.
Let's look at the RIGHT way:
First, if there was ever a time where it's critical that you'veincreased your credit score before shopping for a loan this isprobably going to be it.
So you want to increase your credit score. By the way,louboutin ps cher, if you're trying to qualify for a loan and time is of the essence there's a way to increase your score in as little as 72 hours!
Next, you want to have mortgage broker on your team. If you've had a bankruptcy they can be invaluable. But you don't want just any mortgage broker.
You need to interview a few and ask them some very specific questions. It's really important that you have the RIGHTmortgage broker in your corner.
A good mortgage broker will have access to several lenders and know which one is appropriate for your situation. They will also be able to walk you through the entire loan approval process.
Only after you have lined up financing should you begin to look for a home. Of course, you'll want to interview a number ofreal estate agents.
But what if you can't get approved for a conventional loan? Don't fret! There are a number of strategies you can utilize to purchase if you can't qualify for a traditional mortgage.
In fact with one of the strategies it doesn't matter if you have terrible credit or even if you are unemployed... you can still qualify!
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Copyright ?2005 Innovative Solutions Publishing, Inc. All rights reserved.
DISCLAIMER:
This information is designed to provide unique a general overview of the subject matter herein.
This information is provided with the understanding that neitherthe publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or otherexpert assistance is required, the service of a professional should be sought.
Neither the publisher nor author shall be liable for any loss ordamages, including but not limited to special,moncler, consequential, incidental or other damages, caused by the information contained herein.
R. Lawrence Anderson is the author of After Bankruptcy Credit Solutions which demonstrates individuals how to qualify for credit & loans after bankruptcy. For more information visit:
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