Mortgage & Refinancing Information


Refinancing After Bankruptcy


Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year's time. The following steps will help you find the best refinance lender while helping your rebuild your credit record.

Preparing For Refinancing

Right after bankruptcy, you have six months to prepare to refinance your mortgage. Begin by establishing good payment history by regularly paying your bills and current mortgage. This is also a good time to open a credit card account to start establishing good credit history.

If possible, also start building up a savings account. The more cash assets you have, the better your application will look. Consider having a garage sale or taking a second job to raise funds.

Researching Lenders

Once you are ready to refinance, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal.

With bankruptcy on your credit report, you will typically need to work with a sub prime lender. You can expect to pay a few percentage points above a traditional mortgage, which you can find through online mortgage companies.

Choosing Your Refinancing Package

You may be offered a chance to cash out part of your home's equity when refinancing your mortgage. If you need to make home improvements or buy a car, this may be a good option. However, if you keep your home's equity in place, you are improving your credit.

Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved. Before the loan is finalized though you have the opportunity to review the loan again.

After Refinancing

With your refinancing completed, you can plan to lower your interest rates through refinancing in two years by building up your credit score. Continue to make regular payments and add to your cash reserves. Before you apply to refinance again, review your credit report to be sure your bankruptcy closed all past accounts on your record. With a solid credit history behind you, you can apply to traditional mortgage lenders.

To view our recommended sources for refinancing after a bankruptcy online, visit this page: Recommended Bad Credit Mortgage Lenders Online.

Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.


MORE RESOURCES:
Rising mortgage rates again reduce refinance application volume  National Mortgage News

Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to ...


'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing  Forbes

Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...


Mortgage refinance boom goes bust as rates shift higher  CNBC

A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand. Mortgage application volume fell ...


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


Mortgage rates continue their ascent but remain below last month’s levels  The Washington Post

Mortgage rates continued to head back up this week, pushed higher by positive economic news out of China. According to the latest data, released Thursday by ...


Closed loan and refinance shares grow on sinking mortgage rates  National Mortgage News

Mortgage rates continued to decline through the spring home buying season, driving up the share of refinance loans and overall closing rates, according to Ellie ...


Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


Refinance mortgage rate eases for Monday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate drops for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.


Here's how many borrowers should refinance after the recent drop in mortgage rates  HousingWire

Mortgage rates fell 22 basis points last week to 4.06%, an event that will likely be a gamechanger for the refinance market. According to the latest report from ...


Refinance rates ease for Friday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


Quicken Loans to allow short-term rental income for mortgage qualification  Mortgage Professional America

Quicken Loans has partnered with short-term rental company Vrbo to allow short-term rental income to be used to qualify for a mortgage refinance. Mortgages ...


Refinance rates decline for Tuesday  Bankrate.com

Several benchmark refinance rates slid lower today. See what that means for you if you're in the market for a mortgage.


Refinance rates move lower for Monday  Bankrate.com

Several benchmark refinance rates tapered off today. If you're shopping for a home loan, see what that means for you.


Homeowners are rushing to refi mortgages as rates drop  The Real Deal

Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally.


Refinance mortgage rate dips for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.


Mini refinancing boom is a boost for lenders  The Real Deal

There has been a mini surge in mortgage and refinancing applications spurred by falling mortgage rates, the Wall Street Journal reports.


Mortgage rates are in a free fall with no end in sight  SF Gate

Global and domestic economic concerns continue to drive down mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year ...


Analyzing Shifts in Mortgage Rates and Refinances  The MReport

The average interest rate on a 30-year fixed rate mortgage fell to 4.37 percent in February from 4.46 percent in January, according to the February Refinance ...


Mortgage rates continue to nose-dive as 30-year fixed experiences biggest one-week drop in a decade  The Washington Post

Just a handful of months ago, mortgage rates were soaring. Now they are sinking. According to data released Thursday by Freddie Mac, the 30-year fixed-rate ...


Lenders Manage Tiny Profits in 2018 Despite Rate Hikes, Inventories  Mortgage News Daily

Despite their fourth quarter loss reported last month, independent mortgage banks and bank mortgage subsidiaries still managed, albeit barely, to stay in the ...


5 million homeowners suddenly "in the money" to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ...


Refinance rates slide for Saturday  Bankrate.com

Multiple key refinance rates ticked downward today. If you're shopping for a refinance, see how your payments might be affected.


Mortgage rates drop for Tuesday  Bankrate.com

Multiple key mortgage rates were down today. If you're shopping for a mortgage, see what that means for you.


The new digital divide is between people who opt out of algorithms and people who don  Fast Company

Here are three ways to take control of the algorithms in your life.


Mortgage rates taper off for Friday  Bankrate.com

Several benchmark mortgage rates dropped today. See what that means for you if you're in the market for a mortgage.


Are 3% mortgage rates in our future? For some, they are already here | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Three percent mortgage rates are a real possibility in 2019, and in fact, already here for some borrowers, according to The Mortgage Reports daily survey.


Even with slowing economy, Fannie Mae forecasts rising mortgage volume  National Mortgage News

Economic growth will slow in 2019, but conditions will help home sales hold steady, with mortgage volume now being projected to rise over 2018, according to ...


Mortgage rates drift higher for second week in a row  The Washington Post

Mortgage rates are starting to crawl back up after falling to 14-month lows. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate ...


A Closer Look At Assumable Mortgage Misconceptions In Divorce  Forbes

There are several common misconceptions of attempting to assume a loan in a divorce.


Reali Acquires Online Mortgage Lender Lenda  FinSMEs

Reali, a San Mateo, CA-based real estate technology company focused on home-buying and selling, acquired Lenda, an online direct mortgage lender with ...


How to Remove PMI From Your Loan  U.S News & World Report Money

Conventional wisdom states that when buying a house, the responsible thing to do is to make a good down payment. Not only will you keep your mortgage ...


Mortgages? Big banks may be throwing in the towel  MarketWatch

Big banks are increasingly coming to a reckoning that making mortgages is no longer the best business to be in, if earnings reports from the most recent...


MonitorBase Added by Big Purple Dot for Database Monitoring Alerts  PRNewswire

SALT LAKE CITY, April 18, 2019 /PRNewswire/ -- MonitorBase, a leading data and analytics platform that specializes in Instant Soft Credit Technology and ...


No-income, no-asset mortgages are back (at one lender, at least)  HousingWire

Back in the Wild, Wild West era of mortgage lending before the housing crisis, NINJA loans (loans given to borrowers with no income, no job, and no assets ...


Justice Department Case Against Toms River Lawyer Falls Short of the Goal Line  Shore News Magazine

TRENTON-After a more than three-year-long investigation kicked off by the Obama era U.S. Justice Department against influential Republican powerbroker ...


A Guide to Mortgage Interest Rates: Why They Go Down and Up, and What to Do  mySA

Figuring out the best interest rate for your mortgage can be tricky, but it's not impossible. Here's a rundown of how it works. Daniel Bortz, provided by. Published ...


How Mortgage Apps Impacted Nonrevolving Credit  The MReport

Nonrevolving credit, as well as debt, is rising according to an analysis of the latest Federal Reserve Consumer Credit report by the National Association of Home ...


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Key mortgage rate moves upward for Wednesday  Bankrate.com

Mortgage rates diverged today, but one key rate climbed. If you're shopping for a mortgage, see how that could affect you.


From Interest Rates to 401(k)s to Homestays, It's All Shades of Gray  The Motley Fool

"Neither a borrower nor a lender be," counseled Laertes' tedious father, Polonius, in Hamlet, but that was a few centuries ago. These days, it's virtually ...


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


Still haven’t refinanced your mortgage? You still have an opportunity to save big  Bankrate.com

Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Building a digital defense against elder fraud (part 3)  Cottage Grove Sentinel

Over the past few weeks, we have been highlighting fraud schemes that target the elderly… and for good reason. A national law enforcement sweep over the ...


Current Mortgage Rates Hit 52-Week Low: How does the FED affect current mortgage rates?-Wed Apr 17 - Mortgage interest rates forecast, mortgage interest rates trend - News  TheOofy.com

The Federal Reserve announced that they have no plans of increasing current mortgage rates. Find here how it affect the housing industry.


NoMad Hotel to Sell in UCC Foreclosure Auction  Commercial Observer

Creditors of the NoMad Hotel have hired JLL to market the property in a Uniform Commercial Code, or UCC, foreclosure sale.


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


Factors to weigh when considering whether to refinance your home  Washington Post

Q: I was offered a mortgage “recast” and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been ...


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Refinance mortgage rate moves lower for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you haven't locked a refi yet, see how your payments might be affected.


The Mortgage Lender enters buy-to-let remortgage market  FT Adviser

Today (April 18) the online lender launched a buy-to-let remortgage option which is available up to 80 per cent loan to value and on two-year or five-year fixed ...


My second mortgage rate is too high! What should I do? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If your second mortgage rate is too high, you have many options. The trick is to identify the best one. Here's how you can do that.


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


Refinance rates fall for Wednesday  Bankrate.com

Multiple key refinance rates ticked downward today. If you haven't locked a refi yet, see how that could affect you.


When Is a Cash-Out Refinance Loan a Good Idea?  U.S News & World Report Money

Tapping the equity in your home to get cash can be a smart move, but only if the cash is used for the right purpose.


Refinance rates drop off for Monday  Bankrate.com

Multiple key refinance rates fell today. If you haven't locked a refi yet, see how your payments might be affected.


Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


Weekly refinance demand plummets as mortgage rates hit a 5-week high  CNBC

A sharp rise in mortgage interest rates took its toll on the lending business last week. Mortgage application volume fell 1.8 percent for the week, according to the ...


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


Refinance mortgage rate advances for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate.


Mortgage rates rise for Tuesday  Bankrate.com

Several key mortgage rates ticked up today. If you're shopping for a home loan, see how your payments might be affected.


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage.


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

In January, slightly lower interest rates led to Millennial homebuyers increasing their requests to refinance their mortgages. In fact, according to Ellie Mae's latest ...


Refinance rates slide for Tuesday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


Refinance rates tick higher for Tuesday  Bankrate.com

Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate.


Refinance mortgage rate dips for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected.


How private lending is distorting the Vancouver housing market  The Globe and Mail

Satnam Sidhu has been a realtor for almost 40 years and he's been buying and selling foreclosed houses for the past couple of decades. But he says it's been ...


Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Cash-out refinance Texas rules for homeowners in Texas. Texas cash-out refinancing is different from other states and you'd better know the rules before taking ...


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


New VA rules aimed at curbing predatory lending for cash-out mortgage refinances  Bankrate.com

An interim final rule on VA-guaranteed cash-out refinance loans was published on February 19 to protect borrowers from predatory lenders. The rule executes ...


Refinance mortgage rate falls for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. If you haven't locked a refinance yet, see how your payments might be affected.


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


Mortgage rates: Recognize this mortgage lender sales trick, and don't fall for it | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Yes, there is a series of videos on YouTube instructing mortgage loan officers and brokers on how to limit competition and sell higher prices and mortgage rates.


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ...


Refinancing activity in the US just plunged to the lowest level in over a decade  Business Insider

Refinancing activity plunged to the lowest level since 2000 as interest rates rise.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.


TFS Financial Co. (TFSL) Shares Sold by D. E. Shaw & Co. Inc.  Modern Readers

D. E. Shaw & Co. Inc. reduced its stake in shares of TFS Financial Co. (NASDAQ:TFSL) by 45.8% during the 4th quarter, according to its most recent filing with ...


Refinance rates advance for Monday  Bankrate.com

Several benchmark refinance rates moved higher today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate eases for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected.


Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance  Bankrate.com

As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...


How Long Does It Take to Refinance a Mortgage?  Realtor.com News

How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit ...


Affordable homes plan a boost to mortgages  The Standard

High cost of housing units and limited access to affordable long-term finance are the leading hindrances to mortgage market growth in Kenya, according to a ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance rates decline for Saturday  Bankrate.com

Several key refinance rates dropped today. If you haven't locked a refi yet, see how your finances could be affected.


Do I need an appraisal to refinance my home? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Do you need a home appraisal to refinance your mortgage? Not necessarily. Here's what you need to know about conforming, USDA, FHA and VA refinances ...


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


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