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Using a Sub-Prime Lender to Refinance Your Mortgage After Bankruptcy

Until recently, it was almost impossible to refinance your mortgage after bankruptcy and still get a good interest rate. Things have certainly changed. Sub-prime lenders make it easy for those who have bad credit or recent bankruptcies to refinance their Indiana mortgage.

Sub-Prime Lending Explained
Mortgage borrowers who have a credit score beneath 650, and especially below 620, are usually required to work with a sub-prime lender. These lenders are just like other lenders, except they specialize in making loans to people with bad credit or recent bankruptcies. Because they are assuming a little more risk, sub-prime lenders sometimes charge fees and interest rates that are slightly higher than average.

Finding the Best Sub-Prime Lender
The sub-prime lending market is huge. Traditional banks and credit unions have recently seen the value in sub-prime lending and have begun to jump on the bandwagon. To get the best deal on your post-bankruptcy Indiana mortgage refinance, you may want to consider working with an online lender. Their regulations tend to be less strict than those of traditional banks and other types of mortgage lenders.

A Word of Caution
Sub-prime lending is wonderful because it gives those who may not be approved under traditional standards a chance to get the refinance loan they need. Unfortunately, there is also a darker side to this part of the lending industry. There are many unscrupulous lenders out there who will see your bankruptcy as an opportunity to take advantage of your shaky credit history. Beware of such lenders. Indiana has laws in place to protect you from anti-predatory lending. If you think you are being victimized, you should contact the Secretary of State Securities Division.