Refinancing can be a stressful process for anyone, but after bankruptcy, this can be especially true. Getting approved will not needlessly be a problem, but getting a fair rate will be. Here are a few tips to help you through the process of refinancing your Florida mortgage after bankruptcy.
Pull Your Credit Report
Mistakes can happen. When it comes to credit reports, they happen quite frequently. It is estimated that 80 percent of the people in Florida have errors on their credit report. This is why it is so important for you to pull a copy of your report immediately after your bankruptcy is discharged. If there are errors, it will be your responsibility to see that they are removed.
Do Your Homework
An educated boreer is a smart borrower. Before running off to refinance your Florida mortgage after bankruptcy, you need to do some research. Find out what type of refinance loan programs may be available for borrowers in your situation. Speak with several mortgage professionals and call the Florida Department of Banking and Finance. You will be surprised at how much information these folks can provide.
Be Firm in Negotiations
When it comes to mortgage lending, almost everything is negotiable. This includes the closing costs that you will be required to pay on your Florida mortgage refinance loan. Before paying any fees yourself, try to get the lender to pay them for you. Lenders will frequently agree to this scenario, but only if you are the one to broach the subject. Closing costs are expensive. In Florida, they average $ 3,349. That could be a huge hit on your bankbook or savings account. Do your best in negotiations and try to pay as little as possible for your loan.