Bad Credit Mortgages
Finding a Good Lender to Refinance Your Mortgage After Bankruptcy
If your bankruptcy has recently been discharged or is about to be discharged, and you’re thinking about refinancing your Maine mortgage, it is crucial that you find a good lender. Not every lender will be looking out for your best interests; making the wrong choice could prove to be a costly mistake. Here are a few tips for finding a reputable lender to refinance your mortgage after bankruptcy:
Don’t Count on Your Current Lender
Though it doesn’t hurt to contact your current lender for a rate quote on your post-bankruptcy Maine mortgage refinance, you shouldn’t count on them to give you the best deal. Always shop around. Other lenders may be willing to offer you much more competitive rates and terms.
Avoid Predatory Lenders
Fortunately for borrowers, Maine has strict anti-predatory lending laws in place that prohibit exorbitant interest rates, outrageous lending fees, and other common predatory practices. Even so, it is up to you, the borrower, to steer clear of such lenders. If possible, always try to get lender referrals from friends, family members, or reputable websites prior to choosing a lender to handle your post-bankruptcy Maine mortgage refinance. Referrals are a strong indicator that the lender can provide good service.
Work Through a Mortgage Broker
If you are having a difficult time finding a good lender on your own, you may want to consider contacting a well-connected mortgage broker. A broker will already know which lenders will be able to competently handle your Maine mortgage refinance after bankruptcy, and which ones won’t. The only catch is that you have to find a good mortgage broker. Maine does not currently have strict regulations for brokers in the state, so you will want to choose carefully.
