How To Refinance After Bankruptcy In Boulder, Colorado

If you are one of those who think that qualifying for a loan after filing for bankruptcy is almost impossible, we have good news for you. It may be an uphill battle, but obtaining a refinance is still possible despite a bankruptcy filing.

An experienced mortgage broker in Colorado can help you plan accordingly and identify steps you can take to lead you toward financial recovery.

We share some tips you can apply to increase your chances of qualifying for a refinance after a bankruptcy.

Boost Credit Scores To Qualify

Bankruptcies impact your credit scores negatively. No matter what kind of loan product you choose, you need to meet the minimum credit scores to qualify. Since your scores have taken a massive hit, you need to work on boosting your scores before considering refinancing. Check your score and the loan’s minimum credit requirements to see how far off you are before you can qualify.

Keep tabs on your credit reports since bureaus must remove your bankruptcy from your report after 7 to 10 years, depending on which type you filed. 

Errors that are not corrected can pull your scores down, so you need to take note of the date you filed and the date when your bankruptcy should be removed from your credit report. 

If you want to know if you can qualify for a refinance mortgage loan in Colorado, you can contact one of our loan officers to learn more.

Save For Closing Costs

Some lenders may allow you to roll your closing costs into your principal if your equity is adequate. A refinance would entail a 2% to 6% payment based on your total loan value.

Take Record-Keeping Seriously

Lenders will be extra cautious when applying for a refinance after bankruptcy. You can improve your chances of getting a refinance by documenting your income and proving that you are paying your bills on time.

Using apps and software to keep financial records will be helpful, especially when lenders ask questions and ask for documentation to prove your reliability in paying for your refinance.

Asking for a letter from your employer that proves job and income stability can help convince lenders to give you a shot at a refinance even after a bankruptcy filing.

Interested in applying for a refinance after bankruptcy? Castle Rock Mortgage Loans can assist you with your application.

It’s possible to qualify for a mortgage after filing for bankruptcy.

Even when your credit scores take a hit when filing for bankruptcy, there’s still a chance you can qualify for a loan after bankruptcy.

At Castle Rock Mortgage, we help bankruptcy filers become homeowners.

Let’s start your first step in creating a much brighter future for you and your family. Talk with one of our loan officers for a free consultation today!

 


* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.