Andrew Vaughey, How Soon Can You Refinance A New Mexico Mortgage After Bankruptcy

[Super Star]

Andrew Vaughey, How Soon Can You Refinance A New Mexico Mortgage After
Bankruptcy


How soon can you refinance a New Mexico mortgage after bankruptcy? Probably
sooner than you think. There are lenders out there who will not be opposed
to working with you immediately after your bankruptcy has discharged. Even
so, waiting for a short amount of time could be to your benefit.

Refinancing Immediately After Bankruptcy

Though refinancing immediately after bankruptcy is possible, you will not be
able to properly reap all of the benefits. With a fresh bankruptcy on your
record, you are bound to be stuck paying a high interest rate. If the rate
is any higher than the rate on your current mortgage, you may end up costing
yourself more money. Unless you are facing foreclosure or need to borrow
from your equity, taking time to rebuild your credit prior to refinancing
your New Mexico mortgage is highly recommended.

Refinancing Six Months After Bankruptcy

If you started to work on repairing your credit immediately after
bankruptcy, you should see some difference in your credit score within 6
months. If your credit score is high enough, this could be the optimal time
to refinance. A New Mexico mortgage refinance after bankruptcy can allow you
to start fresh with your mortgage, net you a lower rate, and give you a
chance to rebuild your credit.

Refinancing Two to Three Years After Bankruptcy

Within two to three years after filing bankruptcy, your credit score should
be back to normal and closer to the New Mexico average of 663. This means
that you can qualify for conventional loan rates?currently at 5.63 percent.
If you currently pay a rate of 8 or 9 percent, you stand to save an enormous
amount of money over the life of your loan. Depending on the size of your
loan, you could be saving as much as $100 to $200 every month. Just think of
the extra cash that you would have to save, invest, or pay off other debts!

 For a list of Bad Credit Mortgage Refinance Lenders Servicing New Mexico,
visit
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.fsfe.org/pipermail/discussion/attachments/20080104/9831cd3b/attachment.html>