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Home Home and Family Home Bankruptcy Mortgage Refinancing
Bankruptcy Mortgage Refinancing PDF Print E-mail
Written by Ray Lam   
If you are a homeowner with a recent bankruptcy and have been putting off mortgage refinancing, a new mortgage loan could help you rebuild your credit. It is much easier today to get approved with a recent bankruptcy than in previous years; however, it will take some work on your part to avoid overpaying for the loan. Here are several tips to help you avoid overpaying when mortgage refinancing after bankruptcy.
by RayLam


If you are a homeowner with a recent bankruptcy and have been putting off mortgage refinancing, a new mortgage loan could help you rebuild your credit. It is much easier today to get approved with a recent bankruptcy than in previous years; however, it will take some work on your part to avoid overpaying for the loan. Here are several tips to help you avoid overpaying when mortgage refinancing after bankruptcy.

Refinancing your mortgage has many advantages: lower interest rates, lower monthly payments, cashing out equity, and rebuilding your credit, just to name a few. Because you have a bankruptcy on your record refinancing your mortgage will be more difficult, but not out of your reach. There are steps you need to take before you apply for a new mortgage; this will ensure you qualify for a decent interest rate and favorable terms on the new mortgage loan.

The Internet is an excellent resource when mortgage refinancing after bankruptcy. You can quickly research mortgage refinancing interest rates from dozens of national mortgage companies. Don't stop at the mortgage rate, request Good Faith Estimates from each lender you are considering to perform a line-by-line comparison of each mortgage refinancing offer.

If the mortgage lender you find is not requiring you to pay points for mortgage refinancing, consider paying a point or two to buy down your mortgage rate. Negotiate with your mortgage refinancing lender for lower rates and better terms. One of the most important aspects of your negotiations is that your loan must not include a prepayment penalty. Once you have build up your credit you will be refinancing this loan with a traditional mortgage lender and do not want to be hit with a hefty fee. Paying a point or two might not only get you a better rate but might convince your mortgage company to remove a prepayment penalty.

Mortgage brokers can be an excellent resource for homeowners with a recent bankruptcy. Be careful with mortgage brokers, you have to watch them like a hawk as they are just like used car salesman when it comes to overcharging for their services. Mortgage brokers routinely mark up your interest rate to boost their profits at your expense.

About Author:

Learn about refinancing a home mortgage and get a Free limited copy of "Mortgage Refinancing Insights" by visiting http://mortgage-refinancing-tips.biz, a popular website that provides tips and advice on best mortgage refinancing

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