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Applying for a mortgage post-bankruptcy is similar to a regular application — only with a few extra steps. That way, when your bankruptcy discharges, you’ll be on the road to homeownership. 1.
Having a bankruptcy on your record can feel financially restricting. Declaring bankruptcy can cause your credit score to drop significantly and will stick around on your credit report for up to 10...
After bankruptcy, it will probably be harder to access your home equity through loans or refinancing — due to the filing’s appearance on your credit and financial history, and its negative ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Seasoning requirements can also apply to getting a loan after bankruptcy or foreclosure, and to mortgage refinances. For mortgages, money becomes "seasoned" after it's been in an established ...
Home equity loans. With a home equity loan or line of credit (HELOC), you take on an additional loan or line of credit rather than replace your mortgage. If you have a stellar interest rate right ...
Generally, the closing costs to refinance a mortgage are cheaper than the costs to get a mortgage to buy a home. In 2021, the average refinance on a single-family home ran less than 1 percent of ...
With a short refinance, the lender forgives some of your debt and refinances the rest into a new loan. This type of refi was more common in the aftermath of the mortgage crisis and might not be ...
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