Chapter 13 bankruptcies can stay on your credit for seven years and Chapter 7 bankruptcies can linger for as long as ten. This doesn't mean that you can't qualify for an Idaho mortgage refinance, but it does mean that you will have to work harder to get better rates and terms. One of the best ways to get the refinance deal you're looking for is with an online mortgage broker.
Why Use an Online Mortgage Broker?
After filing bankruptcy, you will want lenders to look at more than just your credit history. You want them to look at the whole picture—income, your ability to pay back the loan, and the reasons behind the refinance. An online mortgage broker who is familiar with Idaho mortgage refinances will know exactly which lenders will do this and which ones won't, saving you from taking the time to find out on your own.
How Does a Broker Differ From a Lender?
An online mortgage broker can't actually lend you money directlty, but they can find someone who will. You're probably wondering what's in it for the broker. The answer is fees. Brokers receive fees from you and fees from the lender. While the idea of paying additional fees on your Idaho mortgage refinance may not sound appealing, the money a broker can save you will negate any extra that you spend on their services.
Idaho Broker Rules
Some states have strict rules when it comes to mortgage brokers and some don't. Idaho falls somewhere in the middle. The state requires that mortgage brokers have three years of experience in residential mortgage lending, a license, and a surety bond of $10,000. When shopping for a broker to handle your Idaho mortgage refinance, you should get referrals and carefully check out the broker's credentials.
Visit Idaho Lending Center to see our Recommended After Bankruptcy Mortgage Refinance Lenders Servicing Idaho, whether you are looking for home purchase, refinance or a home equity loan.
Source: www.isnare.com