Discharged home loan

If you are looking for a home loan after bankruptcy, you will find that most major lenders/credit providers will reject your loan application.

Can I still get a home loan?

While obtaining a home loan as a dismissed bankrupt is challenging, there is still a high probability of having a lender/credit provider specializing in this "niche" market.

How long after my dismissal can I apply for a home loan?

The longer you leave the hospital, the better it will be for you. The following is a list of lender/credit providers considering your home loan application after bankruptcy;

>> Most lenders/credit providers allow the outgoing bankrupt to borrow immediately after the expiration of their bankruptcy; and

>> Others are at least a few years before the bankrupt who is discharged from the hospital can apply for a home loan.

How much can I borrow as a bankrupt?

The amount you can borrow varies depending on each credit/credit provider. However, most lenders/credit providers will consider loans up to 80% of the value of your safe property.

How much deposit do I need?

In most cases, it is ideal to set at least 20% of the home purchase price to your deposit amount. It will keep you safe and increase your chances of getting approval.

What should I consider when applying for a home loan?

Here's a list of things to remember when you apply for a home loan, and you have fired a bankrupt:

>> You should be able to prove that you have a safe and permanent job;

>>If you are self-employed, you should be able to show the tax returns or financial statements for the last two years;

>> You should minimize unsecured debt;

>> You should handle all financial matters in an excellent way [for example, if you pay rent through a rental real estate agent, paying your bills on time will help you];

>> You should be able to provide a reasonable and transparent explanation of the circumstances that led to your bankruptcy [such as critical illness, etc.];

>> You should provide evidence as part of the loan application process to show that this bankruptcy is a one-off situation and far beyond your avoidance.

Will I charge any fees and higher rates?

As a bankrupt who has been discharged from bankruptcy, the following is a list of factors to consider when choosing a bankruptcy loan:

>> Don't expect low interest rates because your loan interest rate may be higher than the average interest rate; and

>> You may need to consider the fees charged by the lender/credit provider above the interest rate.

What loan purpose can I consider?

A mortgage that has been discharged from bankruptcy can be used for any valuable purpose, such as:

>>The owner buys from the house;

>>Refinance home mortgages; and

>> Used to redeem opportunities [such as commercial or consumer use].

What types of home loans can I consider?

These will depend on the professional credit/credit provider you choose. Here is a list of loans you can consider:

>>Basic Standard Full Text Family Finance; Egypt

>>Low-file or non-file family finances - They are very useful if you are self-employed and cannot provide any proof of income, such as the most recent tax return.

Get help from financial brokers

If your credit is destroyed after bankruptcy, you must be more cautious in financial matters. It is highly recommended that you get expert advice from a financial broker who specializes in providing a bankruptcy home loan. Here is a list of the skills your financial broker should provide for you:

>> Your financial broker should be able to complete a pre-assessment of the loan application to find the best solution and options; and

>> Your financial broker should have a clear understanding of the loan policy, guidelines and standard requirements for the bankruptcy of the bankruptcy.

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