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Buying A Home After Bankruptcy
By R. Lawrence Anderson, Fri Dec 9th
If you're planning on buying a home after you'll wantto read this article carefully. Buying a home is probably the biggest purchase you will evermake. Having a on your credit report adds an extrachallenge. If you've read my book After Credit Solutions, thenknow that many people who have had a apply for creditand loans the wrong way.
Mistakes in this arena can cost you $10,000s in extra interestand other finance charges. Let's look at an example: You finally find the home you've been looking and the seller'sasking price is reasonable. So you apply for a $250,000 thirtyyear loan to purchase the home. You fill out a mountain of paperwork... sign here, initial here,sign here, etc. Then not to long after that the lender call youwith great news - you've been approved! 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 $250,000 thirty year loan at 8%. Thatmeans that over the life of the loan you'll pay $410,388.12 ininterest. What if you had been able to take specific steps to increaseyour credit score and shop loans - and, as a result, reducedinterest rate by 1%. In that case you would end up paying$348,772.12 in interest. The 1% difference comes out to $61,615.87! 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, if you'retrying to qualify for a loan and time is of the essence there'sa way to increase your score in as little as 72 hours! Next, you want to have mortgage broker on your team. If you'vehad a they can be invaluable. But you don't want justany mortgage broker. You need to interview a few and ask them some very specificquestions. It's really important that you have the RIGHTmortgage broker in your corner. A good mortgage broker will have access to several lenders andknow which one is appropriate for your situation. They will alsobe able to walk you through the entire loan approval process. Only after you have lined up financing should you begin to lookfor a home. Of course, you'll want to interview a number of realestate agents. But what if you can't get approved for a conventional loan?Don't worry! There are a number of strategies you can use topurchase if you can't qualify for a traditional mortgage. In fact with one of the strategies it doesn't matter if you haveterrible credit, or even if you are unemployed... you can stillqualify!
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