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Company Loan Type APR Est. Pmt.

Refinance after Chapter 13

Posted on: 02nd May, 2006 09:23 am
i would like to refinance my house for home improvement reasons. i'm 3 months discharged what is the best option for me?
Posted on: 02nd May, 2006 09:39 am
Hi Nightstars,

Welcome to MortgageFit Forums.

You will be able to get refinancing option even within 6 months from filing a chapter 13. Since, you are already discharged from the chapter 13, so it shouldn't be a problem for you, although I don't know much about your financial detail.

You may face a little higher interest rates and closing costs. Do some shopping around to compare the rates and the fees with different lenders and brokers. A good broker can guide you and help you to find a suitable option. You can even take the help of MortgageFit for the purpose.

If you have some equity in your house, then cash out refinancing can be a good option to refinance after bankruptcy and utilize it for home improvements.

To know more, go through the forum discussion "Mortgage refinance after bankruptcy"

Some more detail may help us to suggest you in a more specific manner. Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha
Posted on: 02nd May, 2006 10:29 am
This is a great website. This is my first home I'm still learning from my mistakes. At this time my interest rate is 8% on a FHA loan. I have no idea how much equity I have. As far as financial detail I work full time, single mother of (2) my daughter will be going to college in the fall (I hope) my son is still in before and aftercare (230 a month). My mortgage is $1.014.00 a month. I have no car note, other than that I have four credit cards (two not mine paying for my mom) and the other bills I have comes with having a house. I want to refinance for only about $10,000, my dinning room ceiling is leaking water from my bathroom. I have the orginial tub so it's time to take it out. I would also like to use some of the money to get my daughter started for college. In case it helps I live in the Washington DC area. Thank you all in advance for any information you can give me.
Posted on: 02nd May, 2006 01:35 pm
Hi Nightstars,

Welcome again.

I think it won't be of much problem to get the loan you want. Your home's value would have helped it more.

Can you sign up here with a different e-mail address than the one that you have already used?

This will help us to have our loan department contact you and help you with your requirement. We maintain a wide network of efficient lenders throughout the country.

Hopefully you are going to get a suitable offer. We will definitely try our best to satisfy your need.

Feel free to post here if you have any further difficulty.

God bless you.

For MortgageFit,
Samantha
Posted on: 02nd May, 2006 01:53 pm
Dear Nightstarr:

An interst of 8% is high. If you can refinance at a lower rate and plan to stay in the house for the long haul, then it may be worth the money it will cost you and the stress and effort it will take you to do so. Your closing costs and points paid to pay your mortgage broker will not be tax deductable. The closing costs will probably be about 5% of the loan amount. Can you afford to give that money to the industry? If not I have another suggestion for you. Sell your house and use the equity money as a down payment on another newer smaller more affordable house tht will not require repairs and get an $8,000.00 tax credit for the purchase on your tax return next year. Also, ask your daughter to live at home and go to a local community college and babysit for your younger child after school. You'll save plenty. Also, tell your mother to pay her own credit cards. If she cannot then tell her to file bankruptcy and get relief from her bills. You should not be paying ANYONE ELSE'S bills. Not even your moms. If she is in need then take her in now, but what is in the past is not your responsibility.
Posted on: 15th May, 2010 11:38 am
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