Steps to Getting a Mortgage

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At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.


Our office understands the financial stress our clients endure. Therefore, in addition to reasonable legal fees, we offer a payment plan to all of our valued clients to make quality legal services most affordable.


In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.

Steps to Getting a Mortgage

Despite housing prices being at similar levels as in 2002, on the average, it is still difficult for many to secure a mortgage in today’s tightened credit market.  There are actions that a potential borrower can do that will assist them in securing a mortgage with more favorable terms:

1.         Credit Score.  The largest factor in determining whether one qualifies for a mortgage is their credit score.  Credit scores are determined in large part based on the borrower’s debt to income ratio.  Credit scores generally need to be 680 or higher to qualify for a lower mortgage interest rate.

2.         Reduce your debt.  To qualify for a lower interest rate, reducing debt is a priority.  Debt can be reduced through lump-sum payments or if that is unaffordable, bankruptcy is usually a viable option to relieve on of their debts and obtaining an improvement in debt to income ratio.

3.         Don’t make any large purchases.  Whether on credit or otherwise, large purchases diminish the amount available for a down payment or increase the amount of outstanding credit, in either event, a large purchase will hinder one’s ability to get a low interest rate.

4.         Larger Down payment.  A larger down payment will increase your ability to qualify for a mortgage and achieve a lower interest rate.  Further, the reduction in the loan to value ration assists in a lower rate as well.  Savings by avoiding or discharging debt through bankruptcy or cutting down on spending will enable one to have a larger down payment on their mortgage.

If there are any general questions or topics you would like to read about relating to bankruptcy law in the Eastern Pennsylvania region, you may contact the Bankruptcy Lawyers at Sadek Law Offices, LLC at 215-545-0008 or 610-432-3111 or email Thank you.

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