Bad Credit Mortgages
3 Things You Need to Know About Post-Bankruptcy Mortgage Refinance Rates
When it comes to a post-bankruptcy Nebraska mortgage refinance, there are lots of variables that factor into the rate that you will be charged. Every lender has different rules, but the important thing to know is that with the right information, you can learn what it takes to qualify for a Nebraska mortgage refinance that has fair rates and terms.
Rates Get Lower the Longer You Wait
Within days of having your bankruptcy discharged, you can find a lender who is willing to give you a post-bankruptcy Nebraska mortgage refinance. The only problem is that you might get stuck paying higher rates and fees. This could cost you thousands of dollars over the life of your loan and make it more difficult to pay your mortgage payments on a monthly basis. Waiting for at least six months before applying for a refinance loan can help you to qualify for better Nebraska mortgage rates.
It Takes a Credit Score of 650 to Qualify for Conventional Rates
The average credit score in Nebraska is 695, but it usually only takes a score of 650 to qualify for conventional rates. If you are afraid that don’t have time to get your score up that high before applying for a Nebraska mortgage refinance after bankruptcy, it’s okay. You can still qualify for a loan, you will just have to pay a mortgage rate that is slightly higher than average. Depending on when you took out your original mortgage loan, this rate might still end up being lower than the current rate you pay.
Rates Vary from Lender to Lender
Just because one lender quotes you a rate of nine percent on your post-bankruptcy Nebraska mortgage refinance, it doesn’t mean that you will get the same quote from other lenders. Every lender has their own rules and mortgage programs, and as a result, rates can vary significantly from lender to lender.
