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