Sometimes things happen out of your control - don’t let those events steer you away from wanting to own a home again. With help from vLoan, you can own a home after you have experienced a foreclosure. Our team gathered some quick tips for you to follow so to get you back into a house that you can call home sweet home.
Pay down your credit card debt
Want a way to improve your credit score? Paying off your credit card debt completely will drastically help you improve your financial portfolio. You may see changes to your credit score within the first month of your payments. By eliminating your credit card debt, you’re removing a burden that could deter you from being approved on a mortgage loan.
Don’t increase your debt amount
When a loan officer looks at your financial history, one of the most important things he/she looks at is your debt to income ratio. Try to not add on any more additional loans or open new credit card accounts while you are waiting for your foreclosure to clear off of your credit report. These additional loans include car loans, student loans or applying for additional financing.
Pay bills on time
When you experience a foreclosure, paying all of your bills on time should be a high priority. Following a foreclosure, the next 7 years should be spent improving your credit report in any way possible so that lenders will approve you when the time is right.
When you are looking into applying for a mortgage, remember that timing is everything! When you apply for a mortgage, please remember to answer all questions honestly. You are legally required to do so, but also know that your lender wants to help you get a loan. Knowing the whole story from your side will help him or her help you most efficiently.
If you are interested in getting started with the mortgage search today, please contact one of our mortgage advisors today. If you would like to see what mortgage options we have here at vLoan, start a free online rate quote today. We can’t wait to hear from you.
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