After a bankruptcy, getting a good rate on your Kansas mortgage refinance is very important. Unfortunately, it can also be very difficult, especially if you haven’t been able to rebuild your credit. Here are three tips that will help you get a good rate on your mortgage refinance after bankruptcy:
Search the Web
The Internet can be a very valuable resource when searching for a Kansas mortgage refinance after bankruptcy. You can check average interest rates for refinance loans–currently 5.66 percent, get information on different refinance packages, and even get free no obligation quotes. If you are even thinking about refinancing after bankruptcy, the first place you want to go is the web.
Having a bankruptcy on your record almost guarantees that you will pay a rate that is a percentage point or two higher than the average rate on Kansas mortgage refinances. If you have extra pocket money, you can pay points to buy down the interest rate on your loan. One discount point is equal to one percent of the loan amount and must be paid upfront at closing.
Talk to a Broker
Some borrowers find that they have a hard time getting lenders to offer them fair rates on Kansas mortgage refinances after bankruptcy. If you find yourself in this position, consider talking to a mortgage broker. Mortgage brokers work with a variety of different lenders and may be able to get you a rate that is better than anything you could ever get on your own. However, you will want to be very careful when choosing your broker. The state of Kansas does not currently have any regulations in regards to the broker industry.