2nd Mortgage Loan After Bankruptcy - Get Approved Online

A 2nd mortgage loan after a bankruptcy is possible in as little as two years. Refinancing your mortgage can help you make needed home improvements or pay off high interest debt. Refinancing with adverse credit history requires savvy shopping on your part to ensure that you get a reasonable 2nd mortgage loan.

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.

To view our list of recommended bad credit mortgage lenders online who can help you with a 2nd mortgage. Visit this page: Recommended Bad Credit Mortgage Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

---

6 Things to Consider Before Refinancing

Perhaps you're a homeowner in need of some quick cash.Maybe... Read More

Mortgage Debt Elimination in 5 to 7 years!

Mortgage Debt Elimination shows that most home loan debts will... Read More

Borrow on a Budget: Getting the Cheapest Home Improvement Loans

Getting the cheapest home improvement loans isn't always easy. It... Read More

40-Year Mortgages: An Alternative to Interest-only Loans?

Interest-only loans are quickly becoming a mainstream loan product. Borrowers... Read More

Mortgage Glossary of Terms

A brief list of some of the most common Mortgage... Read More

The Best Tactics for Getting a Quick Homeowner Loan

Trying to find a quick homeowner loan can seem difficult... Read More

Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved

People with bad credit that are looking to get a... Read More

Applying for a Home Mortgage Loan Online - The Pros and Cons

If you have considered applying for a home loan mortgage... Read More

No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down

No money down mortgage loans enabled more people to own... Read More

Why Choose a Home Improvement Loan?

Many people choose to take out home improvement loans so... Read More

Mortgage: For Those Twilight Years

Tracing back, the concept of reverse mortgages began when one... Read More

Save Money on Your Mortgage

You should say goodbye to PMI. You may not notice... Read More

How to Get the Best Mortgage

This is a guide on how to get the best... Read More

Securing a US Commercial Mortgage

What's the most efficient way to secure a US Commercial... Read More

13 Extra Costs to be Aware of Before Buying a Home

Whether you're looking to buy your first home, or trading... Read More

Benefits of a Remortgage

There are many benefits in choosing a remortgage, some of... Read More

Home Loan Confusion Continues

Unfortunately, most Americans still do not understand how home loans... Read More

Mortgage Advice

In the US today more households have mortgages than ever... Read More

Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit

Sometimes so much is talked about how to solve the... Read More

Finding the Best Home Improvement Loans

When the time comes to do work around the house,... Read More

How To Save Hundreds A Month On Your Mortgage

When it comes to American spending habits, the sad truth... Read More

What is a Repayment Mortgage?

A repayment mortgage is the type of mortgage that most... Read More

Mortgage-Refinance Loan Measurment 101 -- Evaluate Your Own Ability to Pay

We live in a society where people are losing their... Read More

Reaping Financial Rewards ? Bad Credit Home Equity Loans

Home is the place you inhabit. It is the place... Read More

What Exactly is a Mortgage Broker and How Can He/She Help You Save Thousands on Your Mortgage?

Have you ever heard of a mortgage broker before? If... Read More

How to Use a Home Equity Line of Credit Calculator

Most home owners know that the lower the interest rate,... Read More

Financing the Purchase of Foreclosed Homes

Homes that have been foreclosed can be one of the... Read More

Home Equity Loans - 5 Useful Application Tips

Obtaining a home equity loan does not have to be... Read More

Tips for First Time Home Buyers

When looking at tips for first time home buyers, you've... Read More

Real Estate Finance Strategy that Few People Consider

If you are considering a new home loan anytime soon,... Read More

Student Home Purchase Plan

Tuition costs are climbing, housing costs are climbing, it seems... Read More

Tips For First Home Buyers On Getting Home Loans

Buying your first home will likely be the biggest and... Read More

How To Determine The Price Of Your Home

Why is it that some homes sit on the market... Read More