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Buying A Home After Bankruptcy

Buying A Home After Bankruptcy

If you have ever experienced having to go through bankruptcy then you know just how devastating it can be.  One thing that you may be wondering is if you will still be able to attain a home loan.  Also, not to mention the thought of  buying a home after bankruptcy can still be a possibility.

Bankruptcy can make your home mortgage loan approval extremely difficult, but we at Greater Mortgage Solutions can still make it possible to get you approved for a new home loan.  Not to mention bad credit does not last forever and there are loans for bad credit being accepted all the time. These type of lenders are known as Subprime lenders and they are focused on helping individuals with bad credit in attaining the home of their dreams after bankruptcy. Do keep in mind that time does have to pass after bankruptcy typically at least 1-2 years after re-establishing some credit.

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There are an increasing number of people with poor credit who are searching  for home financing. Here are some extremely good ideas to consider after bankruptcy to expedite your approval for a home loan.

Increase your credit rating. By simply making regular payments on time or on a regular basis, the odds of your credit score rising is high. Once your bankruptcy has ended for some time, usually about 2-3 years, you should have an easier time qualifying for a smaller interest rate for a mortgage loan.

Owning an asset. Renting a home may be a simple way of putting a roof over your head, but you are essentially throwing your monthly payments away each month. Financially it is better to buy a home because over time, the value of your home will increase, thus working your way towards owning an asset. After some time of purchasing your dream house you may be able to consolidate any other debt that your bankruptcy might of not included, you can achieve this by attaining an equity loan.

Things To Consider After Bankruptcy

It can be extremely tempting to purchase an new home, vehicle, or to perform renovations after bankruptcy discharge since you have no debt left. Due to the financial relief that you had, you may probably feel like you can afford a larger house payment. Let me tell you that it is not that easy so I have provided some things to consider before you obligate yourself to a new mortgage payment.

The Pre-payment Penalty.  This penalty lasts about 6 months worth of house payments, and usually lasts anywhere from 2-3 years. Upon signing those mortgage documents you need to make those payments on time, on a timely basis.  Making those payments on a timely basis is crucial to prevent you from losing the house. So we suggest to have extra funds available for incidentals that you may need in the future

The Two Year Mark. After 2-3 years from the date of the bankruptcy discharge, mortgage loans will be much easier to attain. With a small down payment, you might even be able to get a mortgage loan without a pre-payment penalty. If you are close to the 2 year mark we advice to wait it and have more mortgage loan options.

Borrowing Too Much. Don’t spend more than you can afford. This mistake tends to be the most common that we usually get into. When deciding to buy a house, purchase one that you know you can afford. Avoid maxing out your credit or living on the edge of your income.

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Better Living Through Travel

 

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Getting out of your usual environment can be good for your physical and mental health. Studies show that one’s overall outlook on life positively increases after traveling

  • Over 80% of significant others claim that travel has kept their relationships steady, passionate, and romantic
  • During a recent survey travelers rate their well-being higher by one point
  • Also keep in mind that a yearly vacation can reduce health risk by a trendous amount

So next time don’t think twice about it. Go out and enjoy this wonderful world we live in. Whether it’s right here at home, cross-country, or internationally! It’s time to explore!

 

Santa Maria Real Estate

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WINE WEDNESDAY: Half Priced Bottles at Far Western Tavern

WINE WEDNESDAY: 1/2 Priced Bottles at Far Western Tavern

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What a better to enjoy “Humpday” than with half-priced bottles of wine at one of our most pristine restaurants here in Santa Maria, California; home of the Central Coast. The event is actually set in the community of Orcutt, but all locals should plan on enjoying this “tipsy” event. Whether it’s to let loose  or to efficiently network with many affluent professionals in our area!

The event is held at the Far Western Tavern off of 300 East Clark Avenue, Orcutt, California, serving until 1am, one cannot go wrong with that.

Directions to Far Western Tavern

You may even catch one of our team members from Greater Mortgage Solutions or Valley Hills Realty there enjoying their night off of work . Come by and say hi if you recognize us from past business!

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Outdoor Fire Pit Knowledge

Outdoor fire pits can be the perfect addition to any backyard. There are four primary types of outdoor fire pits—pick one that adds the most charm to your home!

WOOD BURNING FIRE PIT

Advantages: The crackling from the wood and real smoke odor will bring the classic campfire feeling.

Disadvantages: There is a lot of maintenance. The fire pit and firewood need dry storage, and wood will attract insects regardless of how it’s stored.

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PROPANE FIRE PIT

Advantages: This type of fire pit is convenient. It is easy to start, and it does not require constant refueling.

Disadvantages: The one downfall about this type of pit is that it tends to get pricy. Propane has to be purchased, and each tank has a limited amount of time before the fire simply goes out.

GEL FUEL FIRE PIT

Advantages: For those that dislike smoke, the gel fuel produces a scentless, smokeless flame. They also tend to be portable.

Disadvantages: Gel fuel doesn’t burn as hot as other fires, and is not readily available in most stores.

NATURAL GAS FIRE PIT

Advantages: Natural gas is relatively inexpensive fuel, and the fireplace won’t run out while it’s on.

Disadvantages: Installing a natural gas line to a permanent fire pit can be a pricy project.

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3 Tips for New Homeowners

One may think that a down payment is the greatest financial obstacle one has to face when purchasing a new house, but let us tell you that there are numerous expenses linked with owning the home of your dreams. We have provided you some simple tips to help you handle those difficulties many people face when buying their first home.

1. Creating a New Financial Plan

One thing to consider is changing your budget, or creating a new budget, once you purchase your home. This may seem like common sense but there is more to it than that. Once you move from an apartment to a home, expect your utilities and maintenance bills to increase due to the fact that you are now moving into a greater space and are now responsible for maintaining that space on your own.

Instead of alternating a mortgage payment for your prior rent payment, spend some time tracking expenses, then update your budge so that it mirrors the actual cost of living in your new home. Since you may find that you will be spending more than expected, you will need to adjust some of your expenses such as travel and leisure.

2. Prepare to Spend Money on Upkeep and Maintenance

As mentioned above, you will be responsible to spend some money on maintenance and repairs  to keep your home in great condition. Some repairs may be pricier than others such as major and unexpected projects like a leaky roof or an outdoor living space; the costs to repair these kinds of projects may make you adjust your budget even more.

3. Keep in Mind Property Taxes May Rise

Property taxes have a tendency to rise, and for several reasons. The first, and main reason is that property taxes are based on the Assessed Value of your home tied together with local city tax rates. So the higher the Assessed Value of your home, the higher your property tax may be when you acquired your home. Or for example, if you decide to perform various home improvement projects within your home that require a city permit, and is considered a capital improvement to the home.  The Assessed Value of your home will rise, thus making your property tax higher.

Another reason for increase in your property taxes are proposition bond measures during elections.  To protect yourself, the first thing to consider doing is consider voting. There are many bills on the ballot each year that affect your property tax once they are passed.  You and your lender will receive a new bill for your new tax obligations.

 

Despite the few changes of owning a new home, there are also many benefits when compared to renting a house or an apartment. You will no longer have a landlord telling you what you can and cannot do, and most importantly you will be gaining equity by having a house that you personally own. So if you are in the market to purchase a new home keep in mind the tips mentioned above, but also see the positive impact it will have in your future.

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