How Soon Can You Refinance A New Mexico Mortgage After Bankruptcy

How Soon Can you​ Refinance a​ New Mexico Mortgage After Bankruptcy
How soon can you​ refinance a​ New Mexico mortgage after bankruptcy? Probably sooner than you​ think .​
There are lenders out there who will not be opposed to​ working with you​ immediately after your bankruptcy has discharged .​
Even so,​ waiting for a​ short amount of​ time could be to​ your benefit.
Refinancing Immediately After Bankruptcy
Though refinancing immediately after bankruptcy is​ possible,​ you​ will not be able to​ properly reap all of​ the​ benefits .​
With a​ fresh bankruptcy on​ your record,​ you​ are bound to​ be stuck paying a​ high interest rate .​
If the​ rate is​ any higher than the​ rate on​ your current mortgage,​ you​ may end up costing yourself more money .​
Unless you​ are facing foreclosure or​ need to​ borrow from your equity,​ taking time to​ rebuild your credit prior to​ refinancing your New Mexico mortgage is​ highly recommended.
Refinancing Six Months After Bankruptcy
If you​ started to​ work on​ repairing your credit immediately after bankruptcy,​ you​ should see some difference in​ your credit score within 6 months .​
If your credit score is​ high enough,​ this could be the​ optimal time to​ refinance .​
a​ New Mexico mortgage refinance after bankruptcy can allow you​ to​ start fresh with your mortgage,​ net you​ a​ lower rate,​ and give you​ a​ chance to​ rebuild your credit.
Refinancing Two to​ Three Years After Bankruptcy
Within two to​ three years after filing bankruptcy,​ your credit score should be back to​ normal and closer to​ the​ New Mexico average of​ 663 .​
This means that you​ can qualify for conventional loan rates—currently at​ 5.63 percent .​
If you​ currently pay a​ rate of​ 8 or​ 9 percent,​ you​ stand to​ save an​ enormous amount of​ money over the​ life of​ your loan .​
Depending on​ the​ size of​ your loan,​ you​ could be saving as​ much as​ $100 to​ $200 every month .​
Just think of​ the​ extra cash that you​ would have to​ save,​ invest,​ or​ pay off other debts!

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