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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.
MORE RESOURCES updated Sat. August / 08 / 2020
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
6 ways to slash the cost of your mortgage refinance Yahoo Finance
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
Is It Already Time To Refinance Again? Mortgage News Daily
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
How to Refinance a Jumbo Loan Credible News
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings - CNBC
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What is the cheapest way to borrow money? Fox Business
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
2 On Your Side: Interest Rates Are At Historic Lows, But Can People Whose Home Loans Have Been Put In Forbearance Refinance? - CBS Los Angeles
2 On Your Side: Interest Rates Are At Historic Lows, But Can People Whose Home Loans Have Been Put In Forbearance Refinance? CBS Los Angeles
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
What Is A No-Closing-Cost Mortgage? Bankrate.com
The Tax Breaks for Homes That Help You Now The Wall Street Journal
Historic mortgage rates make this a great time to buy or refinance WBAL TV Baltimore
Compare mortgage, refinance, insurance, CD rates Bankrate.com
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market - MarketWatch
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market MarketWatch
Mortgage refinance: Everything you need to know Fox Business
How to refinance your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - Send2Press Newswire
New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans Send2Press Newswire
10 things to know before refinancing your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
7 ways to make extra income in retirement Bankrate.com
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Student Loan Refinancing Rates Fall to New Lows Credible News
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
How does mortgage refinancing work? Bankrate.com
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC