Can You Refinance A Georgia Mortgage After Bankruptcy

Can you​ Refinance a​ Georgia Mortgage After Bankruptcy?
Getting a​ Georgia mortgage refinance after bankruptcy isn't as​ difficult as​ most people think it​ is​ .​
Because you​ already have a​ current mortgage,​ and will simply be replacing this loan with a​ new loan,​ lenders don't feel there is​ a​ great deal of​ risk involved when offering you​ an​ approval.
How Soon Can you​ Refinance?
Within 6 months of​ filing bankruptcy,​ you​ will be able to​ find a​ lender willing to​ offer you​ a​ Georgia mortgage refinance .​
In some cases,​ you​ may be able to​ refinance even sooner .​
That said,​ the​ longer you​ wait,​ the​ easier it​ will be to​ get a​ low interest rate.
What Will Lenders Look At?
When reviewing your request for a​ Georgia mortgage refinance after bankruptcy,​ a​ lender will look at​ several different things to​ determine whether of​ not you​ are eligible for the​ loan .​
Income,​ savings,​ and the​ ability to​ pay back the​ loan will all be items of​ focus,​ but the​ big deciding factor will be your credit report .​
Lenders want to​ see that you​ have made an​ effort to​ keep up with your current bills,​ as​ well as​ any lines of​ credit established after the​ bankruptcy was filed.
How Much Will the​ Refinance Cost?
The cost of​ your Georgia mortgage refinance will depend on​ how much money you​ are borrowing,​ the​ state of​ your credit score,​ and the​ level of​ risk the​ lender feels they are assuming .​
The biggest cost will be in​ interest .​
Currently,​ rates on​ Georgia refinance loans average 5.53 percent .​
Borrowers who have a​ low credit score or​ a​ bankruptcy on​ their credit report will most likely be expected to​ an​ additional 2 to​ 4 percent points more than this average .​
The other major expenditure for a​ Georgia mortgage refinance will be closing costs .​
These costs typically average just over $3,​000 for Georgia residents .​
The good news is​ that your bankruptcy should have little to​ no effect on​ these fees.
Can You Refinance A Georgia Mortgage After Bankruptcy Can You Refinance A Georgia Mortgage After Bankruptcy Reviewed by Henda Yesti on May 04, 2018 Rating: 5

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