With all of the negativity surround bad credit and bankruptcy, it comes as little wonder that the majority of people think mortgages are simply out of the question if you have such financial problems. The really great news - and I can vouch for this as a bad credit mortgage expert - is that mortgages are possible for people with bad credit and bankruptcy. The mortgage world is changing for the better and I'm going to tell you how this is the case.
The Good News for People with Bad Credit or Bankruptcy
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Seriously, I could go on and on about the good news which allows people with bad credit and bankruptcy to secure a home loan, however I've decided to simplify it nice and neatly in the following:
o Some lenders now realise that bad things happen to good people: Bad credit and bankruptcy are bad things and all too often they are happening to good people. In fact bad credit and bankruptcy are on the rise in Australia, and the trend isn't about to slow down. Thankfully lenders are now realising it is wise to give people a chance. Put simply, some lenders are now prepared to take a calculated risk.
o Bankruptcy won't rule you out with some lenders: It is true that some lenders use a securing system to determine whether potential buyers are a credit risk, and if one is bankrupted, they will receive a low rating. Thankfully, some lenders are now looking beyond this rating and focusing on the individuals in need.
o The wait isn't as long for bankrupted people: Once upon a time, people had to wait two to four years after being discharged from bankruptcy to even apply for a home loan. The good news today is that some lenders are willing to grant a home loan much sooner. Those who have declared bankruptcy liquidation may be eligible for a loan one year after discharge, and those in a Part IX debt agreement may also secure a mortgage.
o Large deposits and interest rates not the case: A common misconception is that a previous bankruptcy means a huge home deposit and high interest rates on the mortgage. Wrong! Today some programs require a deposit of just 5% and very attractive rates.
o Pre-qualifying is possible: Today some lenders are pre-qualifying buyers for a loan, which saves time and makes for a more enjoyable, efficient home-buying experience. When a buyer pre-qualifies, they will have the advantage of greater negotiating power.
Not Mortgage Ready? No Problem!
Perhaps you've heard the good news about bad credit, bankruptcy and home loans, and you're now saying, "All well and good for the people who are mortgage ready, but I'm not!" The great news for people who aren't mortgage ready is that bad credit mortgage specialists can work with you to get you mortgage ready. No matter what your financial situation, such specialists can work closely with you to tailor a credit repairing, debt clearing, savings plan that will groom you for financial success and a good home loan! It may sound like a long, tedious process, however success is guaranteed if you stick to the plan your bad credit specialist recommends. Make your bad credit a thing of the past, and get into your own home sooner! Talk to a bad credit mortgage expert today and get excited about the possibilities!
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of "How To Get A Mortgage When No-one Wants To Give You One!"
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