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Mortgage Refinancing After Bankruptcy
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Best Remortgage Deal
The mortgage deal that you had taken out years ago might appear to be excessively charged today due to the deluge of competitive remortgage deals. Remortgage allows you to change your mortgage deal without moving your home. You can switch your mortgage deal to another lender who offers you a better deal in the form of better interest rates and preferential repayment terms when compared to your cur... Read mortgage refinance article
No Doc Mortgage Refinancing
No doc mortgages are ideal for self employed homeowners that have trouble documenting their income or even those that value their financial privacy. These mortgages are called stated income mortgages and require very little documentation for approval. Here are the basics of no doc mortgage refinancing to help you decide if a stated income mortgage is right for you.
Many self employed ho... Read mortgage refinance article
Mortgage Refinancing After Bankruptcy
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.
Mortgage Refinancing After Bankruptcy: Comparison Shop Online
The mortgage industry is extremely competitive; this means there are opportunities available to you that did not exist ten years ago. Having a recent bankruptcy no longer prevents you from refinancing your mortgage; however, the amount you pay depends on how savvy a shopper you are. Online search makes it easy to compare loan offers from a variety of different lenders. Watch out for "Computerized Origination Fees," as many sites like Lending Tree charge ridiculous fees for filling out a form on their site. Lending Tree is notorious for this and will charge you as much as $1300 while claiming there is no fee to you for their service. The bottom line with online mortgage refinancing is to carefully comparison shop and read all the fine print before you decide on a loan.
Mortgage Refinancing After Bankruptcy: Beware Retail Markup
Because you can expect to pay a higher interest rate when mortgage refinancing after bankruptcy, it is important to avoid paying any retail markup of this loan. Mortgage companies routinely markup the interest rate you qualify to boost their revenues. This markup by the retail mortgage company is called Yield Spread Premium and results in paying thousands of dollars in unnecessary interest each year. How can you avoid paying this markup of your mortgage interest rate?
You can learn more about mortgage refinancing after bankruptcy, including costly mistakes to avoid by registering for a free mortgage tutorial.
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Refinancing Your Mortgage After Bankruptcy
Refinancing can be a stressful process for anyone, but after bankruptcy, this can be especially true. Getting approved won't necessarily be a problem, but getting a fair rate will be. Here are a few tips to help you through the process of refinancing your Florida mortgage after bankruptcy.
Pull Your Credit Report
Mistakes can happen. When it comes to credit reports, they happen quite frequently. It is estimated that 80 percent of the people in Florida have errors on their credit report. This is why it is so important for you to pull a copy of your report immediately after your bankruptcy is discharged. If there are errors, it will be your responsibility to see that they are removed.
Do Your Homework
An educated borrower is a smart borrower. Before running off to refinance your Florida mortgage after bankruptcy, you need to do some research. Find out what type of refinance loan programs may be available for borrowers in your situation. Speak with several mortgage professionals and call the Florida Department of Banking and Finance. You will be surprised at how much information these folks can provide.
Be Firm in Negotiations
When it comes to mortgage lending, almost everything is negotiable. This includes the closing costs that you will be required to pay on your Florida mortgage refinance loan. Before paying any fees yourself, try to get the lender to pay them for you. Lenders will frequently agree to this scenario, but only if you are the one to broach the subject. Closing costs are expensive. In Florida, they average $3,349. That could be a huge hit on your bankbook or savings account. Do your best in negotiations and try to pay as little as possible for your loan.
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