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2nd Mortgage Loan After Bankruptcy - Get Approved Online Author: Carrie Reeder Building Good Credit After a bankruptcy, take the next two years to rebuild your credit history. By making regular payments and building up cash reserves through a savings account or saving bonds, you will put yourself in a better position to refinance your home. Sub Prime Brokers Your credit report will list your bankruptcy for seven to ten years, so you will need to go through a sub prime mortgage broker. A sub prime mortgage broker offers loans at slightly higher rates to high risk lenders. Sub prime brokers vary in the amount of fees and points they will charge. With adverse credit, you should expect to pay a couple of points higher than a traditional loan. The best way to ensure you are getting a competitive rate is to shop around. Searching For Rates Sub prime brokers have moved online, allowing you to easily compare rates and fees. You can gather general quotes by giving out basic information like how much you want to borrow and your property’s current value. With these basic quotes you can quickly compare financing costs. Be sure to include fees when you consider the total cost of the loan. Once you have compared several financing quotes, pick the top three to investigate further. Comparing Real Quotes Mortgage rates are determined my many different factors such as property location and your employment history. In order to get a real refinancing quote, you will have to provide this detailed information to a sub prime broker. You can do this through online mortgage websites with no risk. Compare the rates, fees, and terms of each refinancing offer. If you have any questions, you can contact the sub prime broker over the phone or through their website. Applying Online Once you have picked the best offer, you can finish the process online. Sub prime brokers will either have you fill out the application online or through the mail. In both cases, the final paperwork will be mailed out for your approval and your loan will be processed. About the Author Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. To view our list of recommended bad credit mortgage lenders online who can help you with a 2nd mortgage. Visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
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