getting mortgage after foreclosure

Home Loans After a Foreclosure – Your Top Questions Answered!

Jun 26, 2018 (0) comment ,

Everyone goes through financial ups and downs, but that does not mean that there is no solution to the problem. A foreclosed home is one of the most unfortunate outcomes of financial hardship. Although a foreclosure might seem to be daunting, you would be surprised to know that it can definitely end on a high note. You can buy a home post-foreclosure. Yes, you read that right!

This can be achieved with the help of an efficient and well-known mortgage lender in Boston, MA.

However, to clarify some things, here are a few of your questions answered so that after going through this blog, you can be confident when applying for a home loan after a previous foreclosure. Don’t worry, your dream home is just a few steps away!

How Long Should I Wait Before Applying for a Home Loan?

Well, this is one of the most common questions asked and this pertains to the “waiting period.” You have to allow some time to pass from the time of your foreclosure. Most people wait 10 years, on average, but some have had success in less time. Wait for financial stability- remember, the lenders want to be certain that you’ve had time to recover and that you’ll be able to actually pay for the loan.

How do I Fix My Credit Score?

People stress themselves out because they immediately want to fix their credit scores. You need to understand that it will not get rebuilt overnight – it will take some time. A foreclosure will cause your score to drop. Then, there are other factors to be considered in order to ensure that you are eligible for a loan or not. Be a little proactive when it comes to fixing your score. You should also review your credit report and look for any errors. And no, putting the brakes on using your credit at all likely won’t really do you any good. You need to be strategic and find out what might work better for you if abstaining from credit usage is not one of them.

What Should be My Next Step?

There are so many opinions out there with regards to mortgages and which to choose. Don’t fret! Just panic less and get in touch with a good mortgage lender who can teach you about the latest options available to you as well the benefits of each of them. Contact your local mortgage lender or just browse through the internet with the right keywords to find what you’re looking for.

Having a major mortgage lender in Boston, MA on your side can help in answering all your questions regarding your loan after a foreclosure. Going into it with a clear mind allows you to take the right steps to get a new home loan after previously having a foreclosure.

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