Home Loans
The Secret to Getting Approved for a Wyoming Mortgage Refinance After Bankruptcy
(presented by www.refinance-refinance.net - mortgage lenders)
By Carrie Reeder
Many borrowers who are thinking about refinancing their Wyoming mortgage wonder if there are any ’secrets to getting approved’. The answer is yes and no. There is no proven secret to getting approved for any type of loan, but there are things you can do to make your application appear more attractive to a lender.
Be Confident in Your Ability to Afford the Loan
When you get a Wyoming mortgage refinance, your level of debt is carefully scrutinized. This is especially true if you will be getting the loan after filing for bankruptcy. If you want the lender to be confident in your application, you need to be confident in your ability to afford the refinance loan. Federal and Wyoming state laws prohibit lenders from approving a loan that they know you can not feasibly afford, which means there will be no talking anyone into anything. You must legitimately prove that you can and will make your monthly mortgage payments.
Lenders will be much more willing to approve you for a Wyoming mortgage refinance after bankruptcy if you have a good payment history. It will be very important to keep up with your current mortgage payments prior to applying for the loan. If you haven’t kept up, try waiting at least six months to a year to refinance. You will increase your chances of approval and get much better rates and terms on your refinance loan.
Search Out Specialty Lenders
Depending on your credit score and how long it has been since you filed bankruptcy, not every lender will be willing to approve you for a loan. If your credit score is more than 70 points below the state average of 690, you may need to search out a subprime lender that specializes in lending to borrowers with credit problems. Specialty lenders, or sub-prime lenders as they are sometimes called, are dedicated to working with borrowers who have poor credit or a history of bankruptcy.
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