|Mortgage Refinance Information|
Refinancing After Bankruptcy
Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year's time. The following steps will help you find the best refinance lender while helping your rebuild your credit record.
Preparing For Refinancing
Right after bankruptcy, you have six months to prepare to refinance your mortgage. Begin by establishing good payment history by regularly paying your bills and current mortgage. This is also a good time to open a credit card account to start establishing good credit history.
If possible, also start building up a savings account. The more cash assets you have, the better your application will look. Consider having a garage sale or taking a second job to raise funds.
Once you are ready to refinance, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal.
With bankruptcy on your credit report, you will typically need to work with a sub prime lender. You can expect to pay a few percentage points above a traditional mortgage, which you can find through online mortgage companies.
Choosing Your Refinancing Package
You may be offered a chance to cash out part of your home's equity when refinancing your mortgage. If you need to make home improvements or buy a car, this may be a good option. However, if you keep your home's equity in place, you are improving your credit.
Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved. Before the loan is finalized though you have the opportunity to review the loan again.
With your refinancing completed, you can plan to lower your interest rates through refinancing in two years by building up your credit score. Continue to make regular payments and add to your cash reserves. Before you apply to refinance again, review your credit report to be sure your bankruptcy closed all past accounts on your record. With a solid credit history behind you, you can apply to traditional mortgage lenders.
To view our recommended sources for refinancing after a bankruptcy online, visit this page: Recommended Bad Credit Mortgage Lenders Online.
Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.
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Selecting the Right Mortgage for You
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How To Save Money On Your Mortgage
Obtaining a home loan is arguably the most expensive transaction you'll experience in your lifetime. Therefore, getting the best home at the greatest value is an endeavor worth pursuing. Whether you're trying to squeeze in to a higher priced home or just trying to shave a couple bucks off of the closing costs, this article will help you explore your options.
Home Mortgage Loan Pre-Approval Online ? Keys When Applying For A Mortgage Online
Applying online for a mortgage is very fast and easy. Just make sure of a few things before you start to look for places to apply to. Here are some tips to keep in mind when searching for a mortgage company to help you online:
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Housing Bill - Changes in the Right To Buy Scheme
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