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You Can Save Money on Your Mortgage Refinance After Bankruptcy!

Have you been putting off refinancing your Maryland mortgage because you have a bankruptcy on your credit report? If so, your wait may be over. It is possible to qualify for conventional rates and save money on your Maryland mortgage refinance after bankruptcy. All you have to do is learn a few tricks.

Know the Requirements
The average credit score in Maryland is 688. To qualify for a conventional Maryland mortgage refinance rate—currently at 5.59 percent—you will need a credit score of at least 650. To find out how close or how far away you are, get a copy of your credit report. You are entitled to at least one free copy per year by law. If you have used up your free pass, you can still get a report, you just have to pay for it. And, contrary to popular belief, your credit score is not penalized when it is you pulling a copy of the report.

Boost Your Score
If your credit score isn’t exactly near the average, you’re not out of luck. You simply need to take a little time to repair the damage your bankruptcy has done before applying for a Maryland mortgage refinance. Of course, this won’t happen overnight. It will take time, effort, and dedication.

Find the Right Lender
Getting good rates and terms on a Maryland mortgage refinance after bankruptcy isn’t all about having a shiny credit score. Sometimes all you need is the right lender. If you are wondering whether or not you can get approved for a Maryland mortgage refinance or simply wondering what types of rates you would qualify for if you do apply, contact several different mortgage lenders with your credit score and ask.