Knowing When To Refinance An Oklahoma Mortgage After Bankruptcy


Knowing When to​ Refinance An Oklahoma Mortgage After Bankruptcy
Knowing when to​ refinance and not to​ refinance is​ difficult for every homeowner,​ but after bankruptcy,​ the​ decision gets even tougher .​
There are a​ lot of​ different things that should factor into your evaluation,​ including your current finances,​ your credit score,​ and your ability to​ get approved .​
Here are a​ few tips to​ help you​ decide whether or​ not you​ should refinance your Oklahoma mortgage after bankruptcy:
Evaluating Your Finances
There are many advantages to​ refinancing a​ mortgage after bankruptcy .​
You may be able to​ get a​ lower rate,​ a​ lower payment,​ rebuild your credit,​ or​ get cash back at​ closing .​
Unfortunately,​ it​ will cost you​ to​ refinance .​
On average,​ Oklahoma borrowers pay $3,​181 to​ close on​ a​ mortgage loan .​
If you​ can't afford to​ pay for your refinance upfront or​ if​ this amount of​ money won't override the​ amount you​ will be saving,​ refinancing may not be the​ best thing you​ can do for your finances.
Understanding Credit and Interest Rates
Finances aside,​ there are two other factors that will prove to​ be most important when deciding whether or​ not it​ is​ the​ right time for a​ post-bankruptcy Oklahoma mortgage refinance .​
These factors are your credit score and interest rates .​
The rate that lenders charge you​ will inevitably be affected by your credit score .​
The lower your score is,​ the​ more the​ refinance will cost you​ in​ interest .​
Before making the​ decision to​ refinance,​ you​ need to​ understand exactly where you​ stand with your credit score and how it​ will affect the​ rate that you​ are required to​ pay.
Getting Approved
Surprisingly,​ getting approved for an​ Oklahoma mortgage refinance after bankruptcy isn't that difficult .​
As long as​ your house isn't worth less than the​ amount of​ your current mortgage,​ you​ shouldn't have much of​ a​ problem .​
Most lenders,​ especially those in​ the​ sub-prime industry,​ will be more than happy to​ work with you​ to​ get you​ the​ refinance loan you're looking for.



Knowing When To Refinance An Oklahoma Mortgage After Bankruptcy



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