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Buying a Home When You’ve Declared Bankruptcy in the Past

Few financial decisions carry as much negative weight as bankruptcy. Those who file for bankruptcy status can be set back by the potential property loss and bankruptcy’s effect on their credit report. Since credit directly affects mortgage qualification, you might be wondering how difficult is it to receive a mortgage when you’ve declared bankruptcy in the past. It might be easier than you expect, and if you plan to or already have declared bankruptcy, there is still hope for your financial future. 

What is Bankruptcy?

First, let’s do a quick review of what bankruptcy is. Bankruptcy is a way to give a fresh start to those with uncontrollable debt while still being fair to the creditors that the debts are owed to. Filing for bankruptcy places an automatic stay on most of your debts. An automatic stay is a court order that remains in effect for the duration of the bankruptcy process that prohibits creditors from taking actions to collect debts owed to them. When you file for bankruptcy, a trustee is appointed to review your bankruptcy case with you and handle legal duties such as negotiations and liquidation on your behalf.


Success Story: How We Helped Our Client Save $1,018 Dollars a Month

 

 

*For the purposes of this article, we will refer to our happy client as Graham. The details and results depicted in this client success story are for informational purposes only. Results may vary and are dependent on each person's specific financial situation and ability to qualify. 

When applying for a home loan, many people’s first thought is the rate. However, since everyone’s individual financial situation is different, a lender that advertises lower rates may not be the best choice. RWM Home Loans is the kind of lending company that clients want to work with for their whole lives because we go beyond highly competitive rates by offering sound advice and on-time closings.

Graham, one of our clients, put our expertise to the test. When he came to us, Graham was neck-deep in credit card debt, which was bringing down his credit score to qualify for an optimal interest rate. In addition to Graham’s credit troubles, he also had an upcoming balloon payment (a one-time payment that pays off the loan’s remaining principal; this can be hundreds of thousands of dollars). Graham didn’t just need quality lender service, he needed timely ...


Can Biweekly Payments Pay Off Your Loan Faster?

 

When searching for a home loan, there are many options to choose from when it comes to how you will pay back the borrowed funds. We will not be discussing repayment options such as the length of repayment and a fixed versus adjustable interest rate, but for this article, we will be comparing monthly and biweekly repayment plans.

Biweekly payments are done every two weeks and are normally half of the amount of monthly payments. While it may just seem like spreading out the monthly payment, biweekly payments can actually pay off a loan more quickly and in turn save the borrower money on interest by paying down the principal more quickly. How is this? It’s because biweekly doesn’t always mean twice a month. Biweekly payments are made every two weeks for 52 weeks a year which amounts to 26 half-payments, which is the equivalent of 13 monthly payments.

While a biweekly schedule will reduce the principal and save money on interest with the extra payment put toward the mortgage, there are some myths regarding how this is accomplished. A common misconception is that the first biweekly payment of a month is paid immediately, which would reduce the principal and save more money on interest ...


Tips for Purchasing a Home with Children in Mind

One of the first parts of the home buying process is determining your housing wants and needs so that you can know what to look for when home shopping. One important factor to consider for your wants and needs list is whether or not you plan to have children. However, most people leave it at that and don’t dive deeper into how exactly having a child affects your housing needs. Here are important factors to consider when home shopping if you are a parent or plan to be a parent.

Space

The first aspect to consider is also the most obvious: space. Adding another person to the household requires enough space to accommodate them, so knowing the amount of rooms that you need is crucial. Also, don’t forget how important privacy can be, so make sure that your master suite can function as a place to relax and get some alone time.

In addition to bedrooms, the number and size of bathrooms should be near the top of the priorities list. Think about whether or not the main children’s ...


February Economic Report for San Diego

The top San Diego economic news stories, real estate statistics, bond rates, stock indices, and more for the month of February.

  • San Diego City Council is deliberating a housing incentives program for police officers to address the city’s police officer shortage.
  • President Donald Trump announced in a tweet that California border wall construction will be on hold until the entire wall is approved.
  • The median sales price of all San Diego homes was $539,000 dollars. This is 5.69% higher than it was during February 2017 and down 1.64% from January.
  • There were 2,078 home sales last month, which is down 21.32% from January and down 4.64% from February 2017.
  • The median number of days on the market was 28, which is one day more (or 3.7% higher) than January’s figure but down 20% from February 2017.
  • 23.5% of the homes sold in February were sold for higher than their listing price, which is 7.8% higher than last year and up 2.62% from the previous month.
  • 3,203 homes hit the market last month, which almost doubles the ...

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