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Getting a Second Mortgage After a Bankruptcy If you
have a recent bankruptcy, you may need to wait up to 2 years
in order to get approved for any mortgage loan.
However, you may be able to get approved for a second
mortgage in less than two years from the time of your
bankruptcy discharge.
Here are some tips to getting approved.
Build Good Credit
After a bankruptcy, rebuild your credit history by
making regular payments and building up cash reserves
through a savings account or saving bonds, you will put
yourself in a better position to refinance your home.
Understand SubPrime Lenders
Subprime lenders charge higher rates to finance higher
risk borrowers, find out what the current rates are that you
can expect from a subprime lender. Make sure you know
what comparable rates are so you don't get taken advantage
of by a subprime lender who's rates are too high.
Sub prime brokers vary in
the amount of fees and points they will charge. With
adverse credit, you should expect to pay a couple of
points higher than a traditional loan. The best way to
ensure you are getting a competitive rate is to shop
around.
Search for a Good Rate Subprime brokers have moved
online, allowing you to easily compare rates and fees.
You can gather general quotes by giving out basic information
like how much you want to borrow and your property’s
current value.
With these basic quotes
you can quickly compare financing costs. Be sure to include
fees when you consider the total cost of the loan. Once
you have compared several financing quotes, pick the
top three to investigate further.
Compare Mortgage Quotes Mortgage rates are determined
my many different factors such as property location and
your employment history. In order to get a real refinancing
quote, you will have to provide this detailed information
to a sub prime broker. You can do this through online
mortgage websites with no risk.
Compare the rates, fees,
and terms of each refinancing offer. If you have any
questions, you can contact the sub prime broker over
the phone or through their website.
Apply Online
After you have chosen which lender you want to use, you
will probably need to fax in or mail a physical, signed
application and then complete the loan process.
Here are our recommended
sources for bad credit mortgage lenders online:
Mtg Lenders For People With Credit Problems:
-Updated 2008-:
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