How Bankruptcy Affects California Mortgage Refinance Rates
Mortgage Refinancing After Chapter 7 Bankruptcy
If you filed Chapter 7 liquidation bankruptcy, getting a mortgage refinance with a fair rate won't prove to be too difficult. Because you have significantly lowered your debt, you will be an attractive borrower in the eyes of any lender. The lender will also take into account the fact that you cannot file Chapter 7 for another eight years. This lowers your risk factor dramatically and allows you to qualify for a better interest rate on your California mortgage refinance right off the bat.
Mortgage Refinancing After Chapter 13 Bankruptcy
Borrowers who have filed Chapter 13 bankruptcy will also benefit from a lower debt to income ratio, but not right away. Borrowers will have to improve their standing by making regular Chapter 13 payments for a period of time. The good news is that after 12 to 18 months, a borrower could refinance themselves out of Chapter 13 using the equity in their California home.
Average Rates for California Mortgage Refinance Loans
Interest rates vary depending upon the lender. The average interest rate on California refinance loans is 5.58 percent. After filing bankruptcy, you will probably be paying a rate that is several percentage points higher than the average. The exact amount you will pay will depend on your credit score. The lower your score is, the more you will be expected to pay. If you want to qualify for conventional loan rates that are near the average, you will need a credit score of at least 650.
Related Tags: bankruptcy, mortgage refinance, california
Visit California Lending Hub to see our Recommended After Bankruptcy Home Equity Lenders Who Service All Areas of California, whether you are looking for home purchase, refinance or a home equity loan.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- If You Are A Veteran, You Can Get A Screaming Deal On A Home Loan
US banks and several private financial institutions, such as mortgage companies, have funds allotte - The Little Voices of Foreclosure
In a third grade classroom, a teacher prompts her kids to have compassion on the homeless. She te - Survival Tactic - Commercial Hard Money
Commercial hard money should only be thought of as an option after you have exhausted all other - Credit Crisis - Commercial Mortgage
Business owners that need a commercial mortgage should be thinking of government sponsored programs - The Overseas House That Came Crashing Down
Getting a holiday home in Spain, France or Cyprus for many people from the 1980's onwards seemed to - Second Mortgage Loans Made Easy
There are many occasions in which you require large amount of money. The reason can be anything lik - Second Mortgage Loans Great Tips
Recently I met a friend who was worried about his son's education. He required some urgent amount o - Are You Pre-approved, Pre-qualified Or Pre-ticked
You have gone to all the trouble of contacting a mortgage company, and have faithfully answered all - Miami Reverse Mortgages & Statistics
Miami is the county seat of Miami-Dade County and is the single most populated county in Florida. M - Could the 700 Billion Bailout = No Change in the Housing Market?
The general arguments concerning the bailout have gone something along the lines ofAnti Bailout : "
Most viewed articles in this category:
- Mortgage Refinancing - Rate Caps Protect You When Refinancing With an Adjustable Rate Mortgage
Adjustable Rate Mortgages can save you money when mortgage refinancing if you fully understand how t - 100% Mortgage Loans: What You Need to Know
Coming up with a 20% down payment can be a difficult task for many potential homebuyers. If you are - Home Equity Loan Pitfalls
The home equity loan came of age in 1996 when changes in the tax law eliminated deductions for the i - Mortgage Refinancing: How the Fannie Mae Weekly Yield can Help You Comparison Shop
Mortgage refinancing without knowing Fannie Mae's weekly yield is like buying a used car without kno - How to Pay Off Your Mortgage in 7 Years, Without Extra Payments
One of the most exciting new topics concerning wealth is “How to Pay Off Your Mortgage in - Mortgage Rate Comparison
Trying to get an "apples to apples" mortgage rate comparison can often be quite a hassle. Traditiona - Should I Pay Off My Mortgage Early?
Many people think that real estate debt is good debt. They think that their mortgage is their bigges - Mortgage Refinancing: Beware the Mortgage Vultures
If you are in the process of mortgage refinancing you need to be wary of overpaying for your loan. - Mortage Loans - How Much Does It Actually Cost In The End
Mortgage loans are the loans used to finance most people's first home. It is the big loan that ever - Where To Locate Home Improvement Loan Companies
Where to locate home improvement companies is a question that arises from many different people. Som
