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Mortgage is taken out to purchase a new house or against an existing property. Borrowers are required to pay off this mortgage loan in regular parts known as mortgage payments or repayments. Mortgage payments are calculated as equitable monthly installments that borrowers have to pay towards their mortgage. However, mortgage loan providers put some specific conditions for providing mortgage loan. Mortgage amounts and terms of loan depend on location of the house. Mortgage loans can be repaid within time frames of anywhere between fifteen to thirty years.

Borrowers' credit rating is also taken into consideration by lenders while processing mortgage loan. Due to this, borrowers who have filed for bankruptcy usually find it difficult to successfully apply for a mortgage.

Bankruptcy stays on a borrowers' records and credit ratings, and will be kept on record for up to a period of ten years. Mortgage lenders may not entertain such borrowers.

Borrowers who have recently filed for bankruptcy may find it difficult to apply for a mortgage. Borrowers may find lenders willing to assist them with their mortgage loan despite bankruptcy. Some mortgage lenders may have special plans for such borrowers based on their present credit worthiness. Mortgage loan providers place more importance on current income of such borrowers. Mode of down payment by borrowers with bankruptcy filing is another important factor under consideration by lenders.

Borrowers, who apply for a mortgage two years after bankruptcy, may find it relatively easier to get it approved. Most mortgage lending companies choose to wait for at least two years after bankruptcy before considering such borrowers for a mortgage loan. Further, these borrowers also stand a chance of getting a hundred percent finance. However, to get this finance option, borrowers' credit reports must reflect timely payments in these two years. Borrowers, who are able to present an impeccable payment history even after bankruptcy, may be able to apply for mortgage before the stipulated two years period.