| You can buy a house after bankruptcy before it drops | | | | interest rates. However, if you plan to stay in the |
| off your credit record in seven to ten years. Rates | | | | house for more than seven years, you may find a |
| can be reasonably low in only two years by rebuilding | | | | fixed rate mortgage can save you money on long |
| your credit score. Also, taking time to search for just | | | | term interest costs. |
| the right loan can save you thousands on interest | | | | If you are unsure what type of loan you want, use a |
| payments and fees. These four steps will help you find | | | | mortgage calculator to give you an idea on payment |
| the lowest APR on mortgages for those with | | | | and interest costs. |
| bankruptcy in their credit history. | | | | Step 3 - Investigate Financing Companies |
| Step 1 - Rebuild Your Credit | | | | With a general idea of the type of loan you want, you |
| As soon as your bankruptcy is discharge, you can | | | | can get serious about financing companies. Investigate |
| start raising your credit score. Start by opening a credit | | | | their rates by requesting a free quote. You need only |
| card account and making regular payments. Another | | | | give the most basic information, not permission to look |
| step is to start saving for a down payment. The larger | | | | at your credit report. That way your credit score won't |
| your cash reserves, the better rates you will qualify | | | | be hit. |
| for. | | | | Compare the APR for the real cost of the loan. Just |
| Investigate your credit report too. Make sure all your | | | | looking at interest rates can be misleading. Fees are |
| accounts related to your bankruptcy are closed. Also | | | | where many low interest lenders make their money. |
| check that your payment history information is correct. | | | | Ask about penalty fees for early payment. If you plan |
| The difference of one late payment can increase your | | | | to refinance or sell your home, you may end up paying |
| rates by a percent or more. | | | | thousands. Often these types of fees can be |
| Step 2 - Budget For Your House Payment | | | | negotiated. |
| Before comparing rates on home loans, look at your | | | | Step 4 - Apply For Your Home Loan |
| own budget first. Decided how much you can afford | | | | Don't wait too long to apply for your home loan. Rates |
| for a house payment. This number will help you | | | | are unpredictable. So quotes you received two weeks |
| decided how much of a loan you want and what type | | | | ago are no longer accurate. You can get |
| of financing. | | | | pre-approved to lock in rates. |
| ARMs are the easiest to qualify for with their low | | | | |