Refinancing After Bankruptcy Tips On Refinancing Your Home Mortgage After A Bankruptcy

Refinancing After Bankruptcy - Tips on​ Refinancing Your Home Mortgage After a​ Bankruptcy
Have you​ filed bankruptcy since you​ bought your home? Are you​ now looking to​ take advantage of​ lower interest rates by refinancing your home? you​ will probably soon realize how much more difficult it​ is​ to​ finance or​ refinance a​ home after a​ recent bankruptcy .​
It is​ not impossible though .​
There are many companies online that will help you​ refinance your home.
Here are some tips to​ consider when refinancing after a​ bankruptcy:
Even though interest rates have dropped,​ you​ may not be able to​ get a​ lower interest rate than when you​ bought initially - If you​ had decent or​ good credit when you​ bought your home originally,​ even though interest rates have lowered recently,​ you​ may not be able to​ qualify for an​ interest rate any lower than you​ had when you​ bought your home originally .​
With a​ recent bankruptcy,​ your interest rate is​ going to​ be quite a​ bit higher than before .​
There are many mortgage calculators available online that will help you​ analyze your current payment and interest rate and tell you​ if​ it​ is​ better for you​ to​ refinance your home or​ not.
Watch out for pre-payment penalties - Even if​ you​ can qualify for an​ interest rate that is​ lower than what you​ currently have,​ make sure you​ don't get yourself into a​ loan with a​ pre-payment penalty .​
If you​ have a​ loan right now free and clear of​ any pre-payment penalties,​ it​ would be a​ big mistake to​ lock yourself into another loan for 6 months to​ 3 years or​ more .​
If interest rates drop again or​ you​ need to​ move,​ you​ will have to​ pay about 6 months of​ payments or​ interest in​ order to​ get out of​ the​ loan with a​ pre-payment penalty.
Beware of​ predatory lenders - There are many lending scams on​ the​ rise,​ make sure you​ are dealing with reputable mortgage lenders .​
Watch out for signs of​ shady lending practices.
Shop around - Get loan offers from at​ least 3 lenders .​
This is​ a​ good rule of​ thumb with any bad credit loan .​
When you​ can get multiple loan offers,​ you​ can compare interest rates and fees .​
Make sure you​ do not accept the​ first loan offered to​ you.

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