Mortgage Refinance after Bankruptcy
The trauma of a bankruptcy need not haunt you forever. If you are thinking in terms of a mortgage refinance after bankruptcy, our qualified refinance agents will provide you the opportunity to help you put the past behind you and make a fresh beginning. As you are aware, refinancing will ensure greater savings due to:
Better terms.
Lower payments.
Shorter pay-off time.
If you have filed for bankruptcy under Chapter 13 it will stay on your credit report for seven years and it is for those who have a regular income and can partially or wholly pay off their debts. Bankruptcy under Chapter 7 will stay on your credit report for ten years and pertains to liquidation procedures for discharging debts. Our licensed refinance agents will offer you information and advice to help you rebuild your credit and provide you with the best refinance options after bankruptcy. If you are considering a home refinance after bankruptcy, we will connect you to our wide network of sub prime lenders who will offer you deals - though at a higher rate than that of traditional mortgage refinance agents - that are affordable and will pertain to your specific circumstances.
When is the best time to consider mortgage refinance after bankruptcy?
Though it is possible to refinance earlier at higher rates, it is generally advisable to wait for at least two years before you refinance after bankruptcy. Your credit score reflects your credit rating that will help you secure favorable terms for a refinance. You can try and improve your credit rating by:
Paying your bills on time.
Increasing your saving.
Obtaining a secured credit card.
You will need two types of credit to rebuild your credit score:
Installment credit (auto loans, student loans or mortgages) and
Revolving credit (credit cards or home equity lines of credit).
Obtaining a secured credit card will give you a credit limit that corresponds to an equivalent amount that you will have to deposit at the issuing bank. Though not much, you should take care not to avail your entire credit amount, as this is detrimental to your credit rating. You should also take care to see that your secured card:
Does not include application and annual fees.
Reports your credit history to the three major credit bureaus Equifax, Experian and TransUnion.
Gets converted to an unsecured card after nearly two years of regular payments.
Our professional agents will offer you comprehensive refinance options and guidance to help you make the right choice in the aftermath of a bankruptcy.
Are you considering home refinance after bankruptcy?
Home refinancing after bankruptcy will lower your payments and give you extra cash for meeting other financial obligations. With your home as collateral for the loan, our reputable sub prime lenders will approve you for a home loan. To make the process simple and quick, you are provided with a secure online form that will give you access to multiple mortgage and home refinance quotes from lenders for easy comparison. Information and advice will be provided to help you choose the most affordable option so that you will get back on track after a bankruptcy.
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