Tag Archives: Moving

Buying A Home After Bankruptcy

Buying A Home After Bankruptcy May Improve Your Credit Rating

NOTE: The following article is general information only and does not constitute legal advice.

The good news of having a bankruptcy record on your credit report does not mean you can’t buy a home. Believe me or not but people who have gone through bankruptcy have been able to encouraged themselves to build credit by taking on debt again

But the bad news is that the debt will be closely scrutinized and may come in smaller amounts and high interest rates. This usually happens because when you experience bankruptcy you are now tagged as high-risk borrowers.

But these negative thoughts rather facts should not dishearten those with deprived credit account from investigating their home loan options. The conscientious use of credit is the only way up from a bankruptcy filing.

Bankruptcy can provide liberation to people in terrible financial straits by releasing them from the obligation to repay their debts.

It’s a drastic move for anyone because a bankruptcy will stay on a person’s credit rating for up to 10 years, effectively acting like a warning flag to anyone considering lending that person money or a line of credit.

In order to mitigate the risk of providing that person a loan, the lender will charge higher interest rates than they normally would. For instance, an auto loan that might ordinarily carry six percent interest could come with an interest rate of eight percent or higher.

But, as time passes and small loans and credit card balances are paid off on time, the bankruptcy filing becomes less and less significant to a lender.

Establishing good credit after bankruptcy is essential. The following will help recent bankruptcy filers regain their financial strength:

Pay bills on time. This is the single best thing bankruptcy filers can do to build up their credit rating.

Acquire and use a secured or unsecured credit card. Just don’t charge any more than you can afford to pay off each month.

Read your credit report. Errors are possible, and keeping tabs on your progress will help you stay focused on the goal of rebuilding after bankruptcy.

Mortgage companies would want someone with a reassurance that is on safe and responsible track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy.

First thing is a long stretch preferably two years or more of on-time bill payments. This may be hard due to the case of reliable income. Likewise, with a steady work history and a down payment, even a small one, it would not be impossible for someone just coming out of bankruptcy to secure high ratio coverage on a home loan.

A down payment is the second thing and a steady income coming in on third. Well this isn’t much as hard as the first one since. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.

Just keep in mind that after experiencing bankruptcy buying home may not be impossible.

There are many reasons a person chooses to file bankruptcy. The loss of a job, unexpected medical bills, and overwhelming credit card debt are just a few of the factors that can lead to filing bankruptcy.

The mortgage lending industry has created special loan packages and terms for those who have filed bankruptcy in the past.

Lenders have little to lose in approving a home loan after bankruptcy. With your home serving as collateral for the loan, the lender can feel confident in approving you for a home loan, often soon after your bankruptcy has been discharged.

In summary, cash will solve this problem, for sure. However long it takes to gather that cash is how long it will take to get the house.

Start thinking about how you can make money in your spare time, selling on line at eBay, doing freelance work, or starting your own business.

You can increase your chances by coming into the deal with a lender with as much cash as possible. The more money you can use as a down payment, the less risk for the bank. There is a level where they’ll lend you the money because the loan is secured by the house and the house is worth more than the mortgage.

Keep an open mind to all the possibilities.

 

Tips for Selling Homes

Selling homes can bring lots of fun and excitement but it also takes hard work.

It requires fixing and all those small problems that you have not bothered to look into for many years. You also need to decide if you are going to sell it all by yourself or contact a professional real estate broker. The transaction will take time, depending on the local real estate market.

Some mental and emotional preparation is needed too. Are you looking forward to moving up to a new dream house or facing the uncertainty of a major move across the country? This will make you feel so hard leaving the memories behind or keen to start a new life without the home you have lived in.

The turbulent feelings that you will be facing should be replaced by plenty of practical matters that need more attention.

There are many questions that will be considered in deciding if your home will caught up in the selling market. A for sale home should be visually appealing and in good condition that will attract potential buyers driving down the street.

It should be attractive to an outsider’s eyes. This checklist will help you decide if it passes the standard of an outsider’s eyes.

• Are the lawn and shrubs well maintained?

• Are there cracks in the foundation or walkways?

• Does the driveway need resurfacing?

• Are the gutter, chimney (if the for sale home has it) and walls in good condition?

• Do the window casing, shutters, siding or doors need painting?

• Are garbage and debris stored out of sight?

• Are lawn mowers and hoses properly stored?

It is important to clean the mess inside, this will affect the transaction. Buyers prefer clean and comfortable home. It is better to touch up the interior part of your home. Like put a fresh coat of paint in the most used areas. This will clean as well as brighten up the rooms.

Wash the walls where paints are not appropriate (for example wallpaper, paneling and tiles). Wash all floor and bathrooms tiles. Clean or better yet shampoo dirty carpets. Get rid of clutter. Clean out all closets, basement and attic. Use self-storage if necessary. Replacing air filters and put some fresh plants that will help keep the dust down.

It is common that sellers want to get top dollar for their home, but consider that it will scare off potential buyers. This may also cause the property to languish on the market for many months. And reducing price later may lead buyers to wonder if there is something wrong with the home. Here are some factors to consider in putting in the right price for your home:

• The location

• Economic conditions

• Supply and demand in the local housing market

• Seasonal influences

• Local schools

• Average home prices in the neighborhood

• Home’s extras (like pool, fireplace, central air etc)

In determining the value of the home, you probably will want the advice of an estate agent or appraiser. Agents can prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. They can also help you adjust for the unique features of the home you’re selling.

If the seller has less of information around home selling market, it’s better to contact a realtor. In finding realtor, find someone that you feel comfortable with.

First ask your friends and acquaintances for any recommendations, still the final decision and choice should be based on your needs. Realtor should show you research to support any recommendations, this includes information about recent sales, current listings and recent expired listing in your neighborhood.

The realtor should be more knowledgeable in the area that the home located. And will get better co- operation from other agents. You should ask references from the realtor, he or she should be willing to give you names of previous clients. Look for a realtor who can tells you what he or she knows from experience in the market, and not what they think you want to hear.

These home selling tips can help seller stop headaches about selling his or her home. All these can be a source of problem and sellers should be serious about it. Do not make yourself regret everything for not doing the right thing.

 

Home Buying Tips for Value and Comfort

Must Read Tips on Buying A Home
The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
But before going into the buying process you should first ask yourself if your are already ready for home buying.
Do you prefer or even enjoy moving into different places. Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you like to enjoy not having so much trouble with regular maintenance and repairs?
If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.
Remember than buying home is not just the biggest financial decision you will ever make but also the strongest emotional choice in your life, so be prepared to make wise decisions when you are in this process.
Buying home always seems to be a great idea, but it is important that ownership of a certain property comes with a great deal of responsibilities too.
Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.
The first things that comes into our mind when we think about home owning, is the wonderful things that is connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the good advantages of home buying.
Financial security is a very great deal of advantage when it comes to owning your own home. If the housing prices would go up, your home can provide you with some financial security due to capital appreciation.
Flexibility is another thing, when owning your house you will be able to decide all the aspects that comes with it. You can decorate or renovate your home to meet your own family’s personal tastes and needs.
And of course stability, having your own home will make you feel at ease and less burden than renting one.
Although it is really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.
You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.
So, you’ve decided that homeownership is right for you. Now you need to determine if you are financially ready to buy a house.
To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.
Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.
Your net worth is the amount left over once you’ve subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.
Just remember all this notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.
Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn’t over just yet. There are quite a few things that need to be done on closing day.
Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.

Here are Some Tips to Consider when Buying A Home

The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

But before going into the buying process you should first ask yourself if you are ready for home buying.

Do you prefer or even enjoy moving into different places? Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you enjoy not having to trouble with regular maintenance and repairs?

If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.

Remember that buying home is not just the biggest financial decision you will ever make but also one of the strongest emotional choices in your life, so be prepared to make wise decisions when you are in this process.

Buying a home always seems to be a great idea, but it is important to remember that ownership of a property comes with a great deal of responsibilities too.

Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy, and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

One of the first things that comes into our mind when we think about home owning, are the wonderful things that are connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the advantages of home buying.

Financial security can be a very great advantage when it comes to owning your own home. If the housing prices should go up, your home can provide you with some financial security due to capital appreciation.

Flexibility is another thing, when owning your house. You will be able to decide all the aspects that come with it. You can decorate or renovate your home to meet your own family’s personal tastes and needs.

And of course stability, having your own home will make you feel at ease and can be less burden than renting one.

Although it is really nice to think about the positive aspects of owning a home, it is also a crucial to consider the downsides as well. Here are some of the disadvantages on home buying.

Financial stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.

Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.

You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.

So, you’ve decided that home ownership is right for you. Now you need to determine if you are financially ready to buy a house.

To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.

Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.

Your net worth is the amount left over once you’ve subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.

Just remember all these notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.

Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn’t over just yet. There are quite a few things that need to be done on closing day.

Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.