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Refinance Your Mortgage to Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit,
particularly if you have recently declared bankruptcy. With a
poor credit history, you can find refinancing through a sub prime
lender. To rebuild your credit, make regular payments on your
mortgage and other bills. Then after two years, refinance again
for lower rates with your now good credit rating.
A Note About Sub Prime Lenders
Sub prime lenders offer B, C, and D credit, which means they
offer credit to high risk lenders. For taking on these high-risk
loans, sub prime lenders charge slightly higher interest rates
and fees.
Some sub prime lenders charge excessively high fees, but you
can screen these out by comparing mortgage rates. Online mortgage
lenders make this easy with their online quotes and posted
rates.
Applying For Refinancing
Applying for refinancing has been made easy with the internet.
The first step is to collect several financing offers, and sort
through them. Look for low fees and interest rates.
Once you have picked a mortgage lender, fill out the
application either online or request an application mailed out to
you. Once you have submitted your application, it will be
reviewed and processed. You refinancing should be completed in
about 6 weeks.
Getting Financing Approval
Getting approval for your refinancing application is a common
concern. While lenders approve more B, C, and D credit loans
today, you can also stack factors in your favor. Paying off
loans, closing unused credit card accounts, and making regular
payments on credit cards and other loans will help. Another step
is to put a note in your credit report explaining the reason for
past due bills, foreclosures, or bankruptcy.
Rebuilding Your Credit
The next step to rebuilding your credit is to make regular, on
time payments on your refinanced mortgage and other bills. Making
regular payments is the single fastest way to establish good
credit. Make the bill payment easy by setting automatic
withdrawals through your bank.
Refinance With Good Credit
After you have established a good credit history, apply again
to refinance your home for lower interest rates. If you declared
bankruptcy, wait at least two years to refinance. However, if you
simply had a series of late payments on your credit, wait a year
before researching refinancing options.
To view our recommended sources for sub prime mortgage lenders
online, visit this page: Recommended
Sub Prime or Bad Credit Mortgage Lenders Online.
Carrie Reeder is the owner ABC Loan Guide, an
informational website about various types of loans.
 MORE RESOURCES updated Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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"You've been approved!" The words you have always wanted to
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