The Facts about Refinancing a Kentucky Mortgage After Bankruptcy
Fact-You Can Get Approved
Many people mistakenly think that you can't get approved for loans after bankruptcy. Fortunately, this isn't true at all. In fact, you can get approved for a Kentucky mortgage refinance the day after your bankruptcy has discharged. While there are some lenders who will want you to wait at least two years before applying for a post-bankruptcy mortgage refinance, others will be willing to work with you immediately.
Fact- Your Credit Isn't Ruined
Though it is true that a bankruptcy can stay on your credit report for seven to ten years, depending on what type of bankruptcy you filed, your credit is far from ruined. With a little bit of effort and a solid reconstruction plan, you can rebuild your credit and be able to qualify for conventional Kentucky mortgage refinance rates-currently 5.59 percent-within two years. If you need a few ideas on how to improve credit fast, contact a credit counselor or search for information on the web.
Fact- You Can Get Fair Rates and Terms
One other thing that stops many people from refinancing a Kentucky mortgage after bankruptcy is the idea that it won't be possible to get fair rates and terms. The truth is that bankruptcy isn't the scarlet letter that it once was. You won't be the first person who has tried to get a Kentucky mortgage refinance after bankruptcy, and you will be far from the last. There are many different loan programs out their designed specifically for borrowers who share your circumstances.
Related Tags: bankruptcy, mortgage refinance, kentucky
Visit Illinois Lending Center to see our Recommended After Bankruptcy Mortgage Refinance Lenders Servicing Illinois, whether you are looking for home purchase, refinance or a home equity loan.
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