If you were granted a personal bankruptcy decision over the past several years you know that obtaining new credit is difficult, almost impossible. Fortunately, if you are looking to purchase a home, there are ways for you to still find home financing even with a personal bankruptcy ruling on your credit report. It won’t necessarily be an easy thing to do, but you could be in your new home if you explore some of the options open to you.
FHA – People with low to moderate incomes as well as folks that have had credit problems in the past may find some relief in the form of an FHA backed mortgage. The Federal Housing Administration (FHA) which itself is part of the Housing and Urban Development department of the US federal government backs loans made by lenders to borrowers. These home loans are very attractive to borrowers and lenders alike: you can afford a home with little or nothing down while the risk of funding your loan is transferred from the lender to the government. This means that where a lender may have considered you to be too much of a risk, they’d reconsider if the FHA was involved. Ask your lender about an FHA backed mortgage option.
VA – Veterans and close family members could find themselves eligible for a loan despite previous financial problems. Like the FHA, the VA relaxes some of the applicant guidelines in order to help you get in a home. Down payments are lower and you could receive a lower interest rate too. Ask a mortgage lender familiar with the VA program how you can apply too.
HUD – When FHA backed mortgages fail, the homes are then transferred directly to HUD. HUD will then try to find a buyer for the home and although HUD will not finance your purchase, you could still be eligible for FHA financing on the very home that went into default previously.
Local and State Programs – Depending on location, you could be eligible for regional financing from an arm of a local government providing loans in distressed areas for below market rates. In many cases these government programs will relax the rules to allow homes to sell to those who otherwise may not be eligible to afford one.
Yes, you may have to do some looking around before you are granted a home post personal bankruptcy. Learn about all of the options and then apply for a loan that is right for you.
Jeff is the owner of Homeowner Uk Loans one of the Uk’s leading secured loan quote providers. If you are searching for that low rate on a secured loan then visit our site today for a free no obligation quote.
Article Source: http://EzineArticles.com/?expert=Jeff_Lakie
Thursday, October 11, 2007
Home Buying - Your Guide
There are many factors to consider when buying your new home. Firstly you will need to decide how much you can afford to spend. You will need to work out how much money you have set aside and how much you are able to borrow. When deciding upon this, it is important to remember there are many other additional costs involved aside from the initial outlay to purchase the property. You will need to pay for amongst other things - a survey, valuation, land registry fee's, removal fee's, possible mortgage - solicitors fees and any fee’s incurred running checks and searches on the property.
We will look at the 4 crucial points to ensure your property buying experience runs smoothly.
1. Deciding on search method
There are a few options available to you when searching for a property. You can go through the traditional method of using an estate agent, maybe browse the property pages of the local newspaper or you can now even buy property online. The online method is much cheaper than its shop based counterparts who have high overheads to pay for. You will find that this is reflected both in advertising and buying on these sites. This type of website is easily found when using search terms such as; sell home or similar.
2. Choosing a property
Once you’ve sorted your financial aspects and decided on which method you will use to search for your new home, you need to decide what type of property you are looking for. Do you want a renovation project? Or would you like something at the other end of the scale where you can simply move into to a modern fully decorated house with little or no work involved. Once you have decided this you can begin your search to find the ideal home. You should check the property type before you view it; the most common type is freehold, whereby the property and its grounds belong fully to you, next comes leasehold, whereby the land the property is built on is not for sale. Here you will have to pay a ground rent to the owner and the leasehold length can vary. Last but not least we have common hold, an example of this would be if you were to buy a flat. You would most probably have the freehold to said flat and own common parts of the building with other owners.
3. Making and acceptance of the offer
Once you have decided on a property you may now choose to make an offer. This does not necessarily have to be at the asking price if you feel that work needs to be done or the market is not strong enough to justify the asking price. You should contact the estate agent (or owner directly if using the online selling method) and inform them of the amount you wish to pay. If the first offer is rejected you may wish to make a second offer or even several before you finally get to a price both parties agree on. It is important to remember that even though you have put in an offer it is not legally binding and is normally subject to survey. Once you offer is accepted you will need to decide whether to have a surveyors report. This is strongly recommended as once the sale is finalized and the keys handed over you will have to pay for any hidden repair work you might find. You will now need to arrange to have your mortgage money paid to you in readiness for finalizing the deal.
4. Exchange of contracts and completion
You can instruct you solicitor to draw up the final contract once all checks have been performed to your satisfaction and a date of completion has been agreed on. Of course this also depends on your mortgage offer being received.
Once you have drawn up a final contract, signed and exchanged this with the seller you are ready for your completion date which should now have been arranged. You should ensure that the seller has final meter reading taken and makes provision with the utility companies for you the new owner. You should also at this point think of taking out a home insurance policy if you have not already done so (your mortgage company may insist you have building cover before they will release any money).
Now you at the final hurdle, on the day of completion the mortgage lender will release the money to you and this will be transferred over to the seller. The deeds to the property are handed over to you solicitor and the seller should hand the keys and property over to you by an agreed time.
You can now Buy property online negating the need for an estate agent. Try using search terms such as sell home in popular search engines.
Article Source: http://EzineArticles.com/?expert=Chris_Rowlands
We will look at the 4 crucial points to ensure your property buying experience runs smoothly.
1. Deciding on search method
There are a few options available to you when searching for a property. You can go through the traditional method of using an estate agent, maybe browse the property pages of the local newspaper or you can now even buy property online. The online method is much cheaper than its shop based counterparts who have high overheads to pay for. You will find that this is reflected both in advertising and buying on these sites. This type of website is easily found when using search terms such as; sell home or similar.
2. Choosing a property
Once you’ve sorted your financial aspects and decided on which method you will use to search for your new home, you need to decide what type of property you are looking for. Do you want a renovation project? Or would you like something at the other end of the scale where you can simply move into to a modern fully decorated house with little or no work involved. Once you have decided this you can begin your search to find the ideal home. You should check the property type before you view it; the most common type is freehold, whereby the property and its grounds belong fully to you, next comes leasehold, whereby the land the property is built on is not for sale. Here you will have to pay a ground rent to the owner and the leasehold length can vary. Last but not least we have common hold, an example of this would be if you were to buy a flat. You would most probably have the freehold to said flat and own common parts of the building with other owners.
3. Making and acceptance of the offer
Once you have decided on a property you may now choose to make an offer. This does not necessarily have to be at the asking price if you feel that work needs to be done or the market is not strong enough to justify the asking price. You should contact the estate agent (or owner directly if using the online selling method) and inform them of the amount you wish to pay. If the first offer is rejected you may wish to make a second offer or even several before you finally get to a price both parties agree on. It is important to remember that even though you have put in an offer it is not legally binding and is normally subject to survey. Once you offer is accepted you will need to decide whether to have a surveyors report. This is strongly recommended as once the sale is finalized and the keys handed over you will have to pay for any hidden repair work you might find. You will now need to arrange to have your mortgage money paid to you in readiness for finalizing the deal.
4. Exchange of contracts and completion
You can instruct you solicitor to draw up the final contract once all checks have been performed to your satisfaction and a date of completion has been agreed on. Of course this also depends on your mortgage offer being received.
Once you have drawn up a final contract, signed and exchanged this with the seller you are ready for your completion date which should now have been arranged. You should ensure that the seller has final meter reading taken and makes provision with the utility companies for you the new owner. You should also at this point think of taking out a home insurance policy if you have not already done so (your mortgage company may insist you have building cover before they will release any money).
Now you at the final hurdle, on the day of completion the mortgage lender will release the money to you and this will be transferred over to the seller. The deeds to the property are handed over to you solicitor and the seller should hand the keys and property over to you by an agreed time.
You can now Buy property online negating the need for an estate agent. Try using search terms such as sell home in popular search engines.
Article Source: http://EzineArticles.com/?expert=Chris_Rowlands
Home Buying Tips for Homebuyers
1. List the Agent: This is basic step; one has to follow while buying and selling of house business. Today, large number of house was sold by agents and the remaining is sold by the owners. It is best to select an agent because more than 80 percent of the property goes through agents and remaining 20 per cent of the houses only sold by the owners. From the list, select a proper agent and make avail of the service provided by him.
2. Select the Agent: It is a difficult one to select an ideal agent for buying or selling a house. While making selection, follow some necessary steps. From the list select the agent who you feel an ideal one. Check whether the houses shown are properly listed. See to that, he is an experienced agent in real estate. Ensures the details collected by him are currently updated. Verify the documents shown by him and see whether it is a legal document.
3. Budget Estimation: Before looking for a house, make a decision for proper budget estimation to buy a house. You should be cautious and aware while estimating a home budget with your monthly and yearly income. Only when you have proper budget estimation you can continue to look for a house. Even you can avail the pre-approved mortgage which clearly estimates the limits of your budget. It helps to hurry up your search which affects your purchase.
4. Locate your area: If you decide to buy a house, then select the location your want to live. If you decide to buy a house, then select the location your want to live. You can also list to the agent what kind of house you needed, whether it suits your budget, the location you find more comfortable and so on. Select the one which you feel good and also suits your needs.
5. Have Precautions: While buying a house, remember that you are making a huge investment. Since house buying has a huge investment, select the one which will be best for a longer period. Have some precaution while buying a house. Also think about your future, because your life is uncertain. Once you decided to buy a particular house which is already used, see to that any alteration like repairing, electricity maintenance is to be made.
6. Perfections: Be always systematic in your work. File the information you collected from different agents. Also file the information relating to price, description and suitability. At last, while taking decision this information will highly help you. With the help of this information you can select the most appropriate house which suits your needs.
7. Proper Inspection: When you are looking a house see to that the process carried on in your house are as per the requirements. Inspecting a house is a more important aspect while making a selection. You should have to check the walls, electricity, painting and maintenance etc. You can carry any number of steps while inspecting your house. Check whether the house is a qualified one.
Article Source: http://EzineArticles.com/?expert=Ron_Victor
2. Select the Agent: It is a difficult one to select an ideal agent for buying or selling a house. While making selection, follow some necessary steps. From the list select the agent who you feel an ideal one. Check whether the houses shown are properly listed. See to that, he is an experienced agent in real estate. Ensures the details collected by him are currently updated. Verify the documents shown by him and see whether it is a legal document.
3. Budget Estimation: Before looking for a house, make a decision for proper budget estimation to buy a house. You should be cautious and aware while estimating a home budget with your monthly and yearly income. Only when you have proper budget estimation you can continue to look for a house. Even you can avail the pre-approved mortgage which clearly estimates the limits of your budget. It helps to hurry up your search which affects your purchase.
4. Locate your area: If you decide to buy a house, then select the location your want to live. If you decide to buy a house, then select the location your want to live. You can also list to the agent what kind of house you needed, whether it suits your budget, the location you find more comfortable and so on. Select the one which you feel good and also suits your needs.
5. Have Precautions: While buying a house, remember that you are making a huge investment. Since house buying has a huge investment, select the one which will be best for a longer period. Have some precaution while buying a house. Also think about your future, because your life is uncertain. Once you decided to buy a particular house which is already used, see to that any alteration like repairing, electricity maintenance is to be made.
6. Perfections: Be always systematic in your work. File the information you collected from different agents. Also file the information relating to price, description and suitability. At last, while taking decision this information will highly help you. With the help of this information you can select the most appropriate house which suits your needs.
7. Proper Inspection: When you are looking a house see to that the process carried on in your house are as per the requirements. Inspecting a house is a more important aspect while making a selection. You should have to check the walls, electricity, painting and maintenance etc. You can carry any number of steps while inspecting your house. Check whether the house is a qualified one.
Article Source: http://EzineArticles.com/?expert=Ron_Victor
Buying a Home: What You Can Afford?
If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - such as several thousand square feet of living space, a two-car garage, large fenced-in lot, one or two fireplaces and a panoramic view. But it may be time for a reality check.
Most first-time buyers want their dream home right away. However, that dream home likely sells for several hundred thousand dollars and the down payment is more than you earn in two years. Not to mention the mortgage payments - which are three times your monthly take-home salary!
The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible.
Many first-time buyers purchase what is commonly known as a "starter home." There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to its breaking point. Remember, the starter home is just that - a way to get started in long-term real estate investment.
To see how much you can afford, you should take a close look at your financial situation. The vast majority of home buyers lack the funds required to buy a home without assistance from a bank or other financial institution (commonly called a "lender"). So, for most of us, buying our first home means combining our savings with money borrowed through a special type of borrowing arrangement called a "mortgage."
Borrowing to purchase is not only acceptable, it's desirable. Even people buying millions of dollars' worth of real estate borrow to make the purchase
There are two types of costs in buying a home:
the amount of money you'll need for the initial purchase; this consists mainly of the down payment and other costs such as legal fees and taxes; and
the ongoing costs of paying back your mortgage, along with monthly operating costs for utilities, maintenance, insurance and annual property taxes.
http://www.alamq.com/index_files/homebuyingtips1.htm
Most first-time buyers want their dream home right away. However, that dream home likely sells for several hundred thousand dollars and the down payment is more than you earn in two years. Not to mention the mortgage payments - which are three times your monthly take-home salary!
The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible.
Many first-time buyers purchase what is commonly known as a "starter home." There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to its breaking point. Remember, the starter home is just that - a way to get started in long-term real estate investment.
To see how much you can afford, you should take a close look at your financial situation. The vast majority of home buyers lack the funds required to buy a home without assistance from a bank or other financial institution (commonly called a "lender"). So, for most of us, buying our first home means combining our savings with money borrowed through a special type of borrowing arrangement called a "mortgage."
Borrowing to purchase is not only acceptable, it's desirable. Even people buying millions of dollars' worth of real estate borrow to make the purchase
There are two types of costs in buying a home:
the amount of money you'll need for the initial purchase; this consists mainly of the down payment and other costs such as legal fees and taxes; and
the ongoing costs of paying back your mortgage, along with monthly operating costs for utilities, maintenance, insurance and annual property taxes.
http://www.alamq.com/index_files/homebuyingtips1.htm
What kind of home is for you?
When most of us think about owning a home, we usually imagine a typical two-storey, detached house. However, today’s homebuyer has a wide array of home ownership options available.
With so many choices, how do you choose the type of home that’s right for you? Your first step should be to enlist the services of a REALTOR. He or she can assist you in finding a home that matches both your financial needs and your lifestyle. Your REALTOR can also help you consider the pros and cons of different housing options. Some of those options include:
Single-family detached – which includes two-storey, bungalow…
●Semi-detached
●Townhouse
●Duplex
●Condominium
To condo or not to condo?
Condominium living is a great choice for people who don’t want the upkeep of a traditional home. Many first time buyers choose the condo option because it’s often far less expensive than a house meaning they can get into the housing market sooner. Also, condo living is ideal for “empty-nesters” or retirees who wish to downsize.
Keep in mind that in addition to your monthly mortgage payments and taxes, you will be required to pay a monthly maintenance fee. This fee is your share of owning and maintaining the common areas of the condo development.
Resale or new house?
Deciding to buy a brand new or resale home really depends on your preferences. Ask your REALTOR to help you weigh the benefits and drawbacks of each.
One advantage to a new home is that it’s likely more up-to-date and usually has larger room sizes and better storage. It also hasn’t been subjected to someone else’s decorating touches. The downside is you will need to put out extra cash for landscaping, fencing, window coverings and appliances.
With a resale home, you often get these additional features for little or no extra cost. Many resale homes have already been upgraded over the years to include expensive items like central air conditioning, finished basements, decks or even a pool. Buyers of resale homes are usually fortunate to be able to purchase these upgrades as part of the selling price.
Choosing the home that’s right for you is a matter of weighing your list of needs and wants against the benefits and drawbacks of the different housing choices available.
Whatever your choice, you’ll want to have a REALTOR on your side to ensure you make the smoothest move possible. For more information on buying a home and choosing a REALTOR, contact the Ontario Real Estate Association at 1-800-265-OREA (6732) and ask for your free copy of "How to buy your home."
http://www.alamq.com/index_files/homebuyingtips1.htm
With so many choices, how do you choose the type of home that’s right for you? Your first step should be to enlist the services of a REALTOR. He or she can assist you in finding a home that matches both your financial needs and your lifestyle. Your REALTOR can also help you consider the pros and cons of different housing options. Some of those options include:
Single-family detached – which includes two-storey, bungalow…
●Semi-detached
●Townhouse
●Duplex
●Condominium
To condo or not to condo?
Condominium living is a great choice for people who don’t want the upkeep of a traditional home. Many first time buyers choose the condo option because it’s often far less expensive than a house meaning they can get into the housing market sooner. Also, condo living is ideal for “empty-nesters” or retirees who wish to downsize.
Keep in mind that in addition to your monthly mortgage payments and taxes, you will be required to pay a monthly maintenance fee. This fee is your share of owning and maintaining the common areas of the condo development.
Resale or new house?
Deciding to buy a brand new or resale home really depends on your preferences. Ask your REALTOR to help you weigh the benefits and drawbacks of each.
One advantage to a new home is that it’s likely more up-to-date and usually has larger room sizes and better storage. It also hasn’t been subjected to someone else’s decorating touches. The downside is you will need to put out extra cash for landscaping, fencing, window coverings and appliances.
With a resale home, you often get these additional features for little or no extra cost. Many resale homes have already been upgraded over the years to include expensive items like central air conditioning, finished basements, decks or even a pool. Buyers of resale homes are usually fortunate to be able to purchase these upgrades as part of the selling price.
Choosing the home that’s right for you is a matter of weighing your list of needs and wants against the benefits and drawbacks of the different housing choices available.
Whatever your choice, you’ll want to have a REALTOR on your side to ensure you make the smoothest move possible. For more information on buying a home and choosing a REALTOR, contact the Ontario Real Estate Association at 1-800-265-OREA (6732) and ask for your free copy of "How to buy your home."
http://www.alamq.com/index_files/homebuyingtips1.htm
Is it time to “move up?”
Chances are when you bought your first home you were thinking of it as a “starter home” and dreamed of owning a larger and better home one day.
With today’s mortgage rates in the lowest range they’ve been for almost 30 years, you might be pleasantly surprised that you can afford that “move up” house now. Using the equity you’ve built up in your current home, your carrying charges may not be much larger than what you’ve been used to paying. If you’re curious to find out, ask a REALTOR to help you calculate carrying costs on a “move up” home.
There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.
It’s also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.
When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR. Your options can be confusing at times, but a REALTOR can help you make the right choices.
He or she will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You’ll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.
Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you’ll ever make so why not take advantage of current market conditions and enhance your investment today.
http://www.alamq.com/index_files/homebuyingtips1.htm
With today’s mortgage rates in the lowest range they’ve been for almost 30 years, you might be pleasantly surprised that you can afford that “move up” house now. Using the equity you’ve built up in your current home, your carrying charges may not be much larger than what you’ve been used to paying. If you’re curious to find out, ask a REALTOR to help you calculate carrying costs on a “move up” home.
There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.
It’s also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.
When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR. Your options can be confusing at times, but a REALTOR can help you make the right choices.
He or she will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You’ll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.
Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you’ll ever make so why not take advantage of current market conditions and enhance your investment today.
http://www.alamq.com/index_files/homebuyingtips1.htm
How to Refinance Your Credit Card Debt with a Home Equity Loan
Are you burdened with a pile of credit card debt? Are you seeking options to reduce your debt? Run a search through the Internet, or seek some financial advice and you will realize that there are many ways you can achieve your objective. If you possess a home with equity, you can consider acquiring a home equity loan to refinance your credit card debt. This way, you no longer have to bear the high credit card interest rates, or consider bankruptcy to get your debts cleared.
Home equity loans, which function like a second mortgage, allow you to borrow based on the current value of your home. For instance, if the market value of your home is $300,000 while your outstanding mortgage is only at $200,000, you are entitled to a home equity loan of up to 80% of the additional equity. Some lenders even allow up to a 100% home equity loan. This is the power of owning property that appreciates in value over time.
Thus, with the cash-out that you have received out of the home equity loan, you can then utilize that to pay off your credit card debt. This does not mean that you are debt free though. You have just merely transferred your debt from high interest credit card debt, to a lower interest home equity loan. This way, it will be easier to plan out your finances and pay off your loan through monthly repayments without having to bear hefty interests.
The first thing that you need to determine is the current value of your home. This is easily accomplished by researching on other houses in your area and the price that they have recently been sold for. Other than that, you can engage a realtor and check with them on the current market value of your home. It�s best that you can cross-check with a few realtors in order to acquire a more accurate view on your home equity value.
Next, you need to determine the term of your home equity loan, which will affect your monthly repayment each month. There is no point converting your credit card debt into home equity if you can�t afford to pay for it. Use mortgage calculators with an estimated interest rate to find out your possible repayment amounts. Finally, go online to shop for home equity loan lenders. Compare their terms and rates to find the one that gives you the best deal. With this, you will be well on your way towards paying off your credit card debt through your home equity/
Author:
http://www.home-buying-directory.com/article.php?tid=8
Home equity loans, which function like a second mortgage, allow you to borrow based on the current value of your home. For instance, if the market value of your home is $300,000 while your outstanding mortgage is only at $200,000, you are entitled to a home equity loan of up to 80% of the additional equity. Some lenders even allow up to a 100% home equity loan. This is the power of owning property that appreciates in value over time.
Thus, with the cash-out that you have received out of the home equity loan, you can then utilize that to pay off your credit card debt. This does not mean that you are debt free though. You have just merely transferred your debt from high interest credit card debt, to a lower interest home equity loan. This way, it will be easier to plan out your finances and pay off your loan through monthly repayments without having to bear hefty interests.
The first thing that you need to determine is the current value of your home. This is easily accomplished by researching on other houses in your area and the price that they have recently been sold for. Other than that, you can engage a realtor and check with them on the current market value of your home. It�s best that you can cross-check with a few realtors in order to acquire a more accurate view on your home equity value.
Next, you need to determine the term of your home equity loan, which will affect your monthly repayment each month. There is no point converting your credit card debt into home equity if you can�t afford to pay for it. Use mortgage calculators with an estimated interest rate to find out your possible repayment amounts. Finally, go online to shop for home equity loan lenders. Compare their terms and rates to find the one that gives you the best deal. With this, you will be well on your way towards paying off your credit card debt through your home equity/
Author:
http://www.home-buying-directory.com/article.php?tid=8
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