bankruptcy and mortgage loans

bankruptcy and mortgage loans

While most financial gurus recommend to avoid bankruptcy, some people think that the filing for Chapter 7 or Chapter 13 to discover that the only alternative. The Bankruptcy is very damaging to your credit. Over the next seven to ten years you can expect to be ridiculously high interest rates on homes, cars to obtain, and personal loans. Fortunately, there are steps you can take to improve your chances of getting a good rate. To get started, shall The right lender.

Difference between a good mortgage lender and a bad

Mortgage companies are in the business of To make money. So they do not always have your best interests in mind. If you have bad credit or recent bankruptcy, some lenders are reluctant to offer a mortgage refinance. The lenders offer refinancing for poor credit applicants may add additional charges and a higher Percentage. The goal is to maximize profits.

A good mortgage company will not get. Instead, they will carefully consider your situation and offer the best Prices possible. Of course, refinance, your prices will be higher compared to a perfect or good credit applicants. Nevertheless, a recent bankruptcy not justify an interest rate, 6 or 7 percent above the current price is.

The choice of a lender for your mortgage refinancing loan

Refinance When selecting a lender for your home loan after a bankruptcy, you must be prepared to conduct their own research. Before signing up for a refinancing, Visit online sites and find information about the current mortgage rates for individuals with bankruptcies or bad credit offered. In this way you can Their own comparisons.

Next, you should only refinance with your existing lender. If you have a good payment history with that lender have maintained, they may be willing to refinance your mortgage with a low rate. You can choose a mortgage bank. Because you are not a history with these lenders is received, it can consider a risky applicant and refuse you a new loan.

Getting Approved by sub-prime Loan Lenders

If your existing mortgage lender and other traditional mortgage lenders refuse your application, you should submit an application through a mortgage broker. Brokers have access to many home loan Financing companies. These include subprime lenders, the loans are for people who do not get approved by a bank or traditional mortgage company.

See my recommended After Bankruptcy Refinance Lenders, for the lowest rates online.

Carrie Reeder is the owner of ABC Loan Guide.

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