Can I Qualify for a Florida Mortgage Loan After Bankruptcy?

By Sean Watson

You’ve had a hard financial past and you had to declare bankruptcy. Everyone you’ve talked to said you won’t be able to purchase a home for several years. Understandably, this depresses you because you declared bankruptcy to make a new start. Instead, It seems like this will make your life more difficult than it was previously.

Fortunately, a bankruptcy doesn’t have to mean that you’ll be renting for the foreseeable future. There are many mortgage lenders in the industry now who will work with people who have recent bankruptcies-even very recent ones. However, most lenders will tell you to wait at least two years from the time your bankruptcy is discharged to attempt to purchase a home. After that amount of time, your options are almost endless, even without a down payment.

Before finding a lender, make sure your debts are being paid on time consistently and your credit reports are accurately reflecting your current situation. You will also want to consider your budget and how much of a house you can afford. For example, you won’t want to pay more than 36% of your monthly income on a mortgage payment, insurance and any other home incidentals. When you meet with a lender to pre-qualify, be up front. Don’t try to hide that you’ve had a bankruptcy. That way your lender will be able to tailor a mortgage to fit your credit history and needs. Also be sure to boast about your renewed commitment to keeping a clean credit record.

Also, your lender will be able to recommend loan programs that work closely with recent bankruptcy cases. FHA loans, for example, have been known to have a soft spot for people with recent credit troubles. These types of loans do have exceptions and your lender will know about limitations for your area. The most important thing to remember in light of a bankruptcy is that things will get better. Your bankruptcy will make it a little more difficult to obtain financing but the current economy continues to make it easier for people with bad credit pasts to bounce bank.

A bankruptcy doesn’t have to be a death sentence. You will be able to buy a great home in just a matter of time. It will be worth the time and effort in the end! Please feel free to visit my site, you'll find a lot of great and useful information there: http://www.seanwatson-mortgage-specialist.com/ You may also reprint this article as long as the resource box is left intact and all links are hyperlinked.

Sean Watson is a licensed mortgage broker that lives in the state of Florida. He specializes in working with homeowners that have less than perfect credit and helps them do the things necessary to improve their credit ratings, so that they will no longer have to pay the higher rates and fees typically associated with having a blemished credit profile. Article Source: http://EzineArticles.com/?expert=Sean_Watson

Florida Mortgage Loan Brokers

By Josh Riverside

The state of Florida is a huge and confusing marketplace for mortgage loans and it could be quite overwhelming to go out there on your own without professional help. The wise thing to do is to hire a Florida mortgage loan broker to help you.

Expertise

Because it is the mortgage loan broker's job to find the best mortgage deals and are expert on the ins and outs of the business, they are the best people to help you if you are planning on getting a mortgage. Over eighty percent of mortgage loans in Florida are transacted by mortgage brokers for consumers. Because of their experience, they have the capability to exhaust all options to find the most suitable deal for you.

What to look out for

When looking for a mortgage loan broker, one trait that you should look for is integrity mainly because there is money involved. Your broker should stay true to his or her word and should meet all promises. Read the fine print before signing any agreement with any broker. Make sure that your broker has your best interest in mind and does not push programs or deals that you do not really need. A good broker will assess your financial situation and put you in an appropriate program. It is also best to compare different rates of different brokers to find out if their fees are reasonable.

Fees

Fees vary widely depending on the rate of loan, terms, conditions, etc. Banks and brokers also profit in different ways. It could normally be categorized into three brackets: front end fees, back end rate and the combination of the two. Simply put, some brokers charge at the start of the term, others through a commission basis, and some through both. It is very important to be clear on all terms and fees before hiring a broker. Do not forget to sign an agreement stating all fees, as this will be an additional security for you in the long run.

Florida Mortgage Loans provides detailed information on Florida Mortgage Loans, Bad Credit Florida Mortgage Loans, Florida Mortgage Loan Calculators, Florida Mortgage Loan Rates and more. Florida Mortgage Loans is affiliated with Second Home Equity Mortgage Loans. Article Source: http://EzineArticles.com/?expert=Josh_Riverside

Florida Mortgage Loan

By Troy Francis

I know there are lots of people out there who have a Florida mortgage loan and are under pressure with how they are going to be able to deal with the current situation that’s happening in Florida. Are you a person who don’t know if you are going to be able to stay on top of the bills? Is your Florida mortgage loan an adjustable rate mortgage and is your payment going to go up soon? I know that sound grim, but you are not alone and there are many options out there that will make a difference in your situation.

Most Florida Mortgage loans have been so easy to get for many people over the last couple of years. Florida mortgage rates have been extremely low making you want one. Florida homes have been going up in value like crazy. Well now in Florida it’s time to pay the price for some homeowners. When it comes to Florida mortgage loans most ways have become harder for Florida homeowners. Most Mortgage companies rates are higher than the past couple of years, homes are not appreciating in value like they once did. Florida mortgage loans are going into foreclosure at a fast pace.

So, the big question is what to do now. Well in Florida we need to be a little more artistic. One of the first things you need to do as a Florida homeowner is not to worry about the interest rate. If you have been on the search for the best Florida mortgage rate then you might be making a big mistake. Did you know that I can actually raise a homeowner’s rate and still save them thousands of dollars. This is all because as a homeowner what you really should be paying attention to is what is going to allow you a low overall monthly payment and what Florida mortgage loan is going to the financial freedom you deserve.

So many people that I speak with just care about what you can offer them for a new rate. I have found this to be true throughout every state and it is something that needs to change when it comes down to a Florida mortgage loan. If you are too concerned about what the mortgage rate is then you may miss your train on a big opportunity to save yourself lots of money.

Troy Francis is a mortgage loan officer for Dedicated Mortgage. Troy has several years as a mortgage professionals and has helped hundreds of homeowners in several states that we are licensed in. Please, feel free to contact him anytime if your looking for a refinance, home loan, home equity and much more.

Troy Francis is author for century mortgages. Please feel free to use this article for your use. We only ask you kindly leave our link active: http://www.centurymortgages.org Article Source: http://EzineArticles.com/?expert=Troy_Francis

Florida Mortgage Loans Process

By Synapse India [ 15/09/2007 ]

If you have already decided to purchase a home in Florida, you must be knowing about Mortgage loans. You cannot probably purchase a house without a Florida mortgage loan unless you have built up a fortune for yourself. Even if you have managed a fortune, you would need a mortgage to pay for the recurrent bills and closing costs.

Before you start shopping for a Florida mortgage loan, you need to decide upon your financial stance. For this, you would need to figure out your total income, how much liquid cash is available with you to make the down payment as well make up for the closing cost, and how much you can afford to pay each month. Once you have a clear idea of your financial status, you would then need to decide upon the tenure…i.e. whether you would want a long term Florida mortgage loan, or a shorter term mortgage.

Interest rates on short term mortgage loans are comparatively lower than their long term counterparts. In case you choose to opt for a short time Florida mortgage loan, you need to be ready to bear substantially higher monthly payments. decide upon this very carefully, because many a times, individuals fail to get a long term foresight of his financial status.

If you cannot afford the higher payments for a short time loan, say for example a 15 year mortgage, you should typically go for a longer-term loan (30 years or so). 30 years mortgage will cost you more over the tenure, however monthly payments would be lesser, hence you would have more available capital.

You should also take consider your home equity or the worth of your home if you are going for a second Florida mortgage. while considering home equity you should take into account appreciation of value, or the rising worth of your own home coupled with the boom in the real estate market. This will save you a lot of money and taxes too.

About the author:
Myself webmaster of http://www.castlemortgagegroup.com dealing in all type of mortgage loans in Florida, Georgia & Alabama with home equity loans, Florida Mortgage Loans, refinance loans, constructions loans.

Article Source: http://www.Free-Articles-Zone.com

Florida Mortgage Loan For Total Mortgage Solutions

By James Arther [ 24/10/2007 ]

Florida mortgage loan is ideal for people in and around the area. There are various mortgage options to suit every purse. Most people have dreams of purchasing their own houses. But they are unable to fulfill them as and when they wish because of fund shortage. Mortgage loans are indeed a boon in such situations. With the wide variety of schemes with benefits by various organizations, finding a suitable mortgage plan is a simpler task today. Our elders stayed away from mortgage as long as they could for fear of risks. These days, the scenario has changed drastically. Youngsters who earn lump sums of money are interested in such schemes to buy their own home and settle down at the earliest.

Florida mortgage loan states that the property that the client purchases represents the collateral for the loan borrowed. Florida mortgages have several well defined steps to make the deals. Firstly, the borrower is expected to apply for the loan he chooses. This requires a great deal of homework. Clients must do some background research and get knowledgeable about the market situations. They must be at least vaguely aware of the market worth of their property before offering it as security.
There are several websites such as the California mortgage pages which guide first time borrowers regarding the procedures and any risks involved. There is a simple application procedure where the homebuyers may fill in a form and submit their expectations. This is definitely not obligatory and it is free of cost. This is done to attract potential loan applicants. The criteria to apply are equivalent to other forms of loans. The mortgage agents may schedule a meeting with prospective borrowers. They evaluate the borrower's property in terms of location, opportunity and market estimate.

Of course, people applying for mortgage the very first time may have several apprehensions regarding the risks. After all, a huge amount of money is at stake. But the risks are same for all, whether it is a fresh client or a seasoned borrower. Getting the best Florida mortgage loan plan is made easy if the borrower does extensive research before embarking on the loan procedure. There are useful grants and lower payment facilities offered to fresh borrowers. If the borrower is capable of making a substantial down payment, he is usually granted the loan if all other prerequisites are satisfied. So prepare well and grab a good scheme.

About the author:
Debtips is a resourceful channel to make you finance literate and helps you in managing your personal finances. A Mortgage is a method of using property as security for the payment of a debt. Most mortgage lenders offer a variety of formats. Check out the Florida Mortgage Loan options.

Article Source: http://www.Free-Articles-Zone.com