Can I Get a Mortgage Loan After a Foreclosure?
Is there a foreclosure in your past, but you want to qualify for a home mortgage again? It is possible, and you can increase your odds of getting approved even if your credit has been significantly damaged. These tips should help.
Keep Current With Existing Creditors
The wisest thing to do to boost credit score post-foreclosure is to make sure you make your regular payments to your other creditors. For example, if you have several credit cards, make a concerted effort to get the payments in on time. If you can, try to pay off the balances in their entirety. Doing so will boost your available credit, which is the quickest way to bolster your credit rating. Note: If you do pay off the credit card balances, do not immediately close the accounts. Doing so will actually have a negative effect on your credit rating.
If you do not have a credit card or cards, you can try to apply for a new line of credit. This could be an auto loan or perhaps a secured credit card, which requires you to put up cash to guarantee payment. Again, make your payments on time. Late payments or skipped payments will only increase the damage to your credit rating.
Go With a High Risk Lender
If you apply for a mortgage after a foreclosure, you are unlikely to be approved by many traditional lenders. However, you can request quotes from subprime or high risk mortgage lenders, who OK loans to people who are having a challenging time securing financing. The interest rate will be significantly higher, but you are more likely to get approved.
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