Why Refinancing Your Vermont Mortgage Could Improve Your Credit After Bankruptcy

 


Visitors: 114

Responsible borrowing and spending is a necessary part of bankruptcy recovery. In some cases, it could take years to rebuild your credit. If you are interested in speeding up the process, you may want to try refinancing your Vermont mortgage after bankruptcy. Refinancing can improve your credit in as little as two years.

Preparing to Refinance
There are two main deciding factors when it comes to getting approved for a Vermont mortgage refinance after bankruptcy: a steady income and a steady history of bill payment. Some lenders will want to see a two-year span of on time payments, others will be more flexible. The income factor, on the other hand, is non-negotiable. Any lender you work with will want to see that you can afford the loan before approving you.

Lowering Payments
While just establishing a new loan through a Vermont mortgage refinance after bankruptcy will help to improve your credit, lowering your monthly payments with a better interest rate or better terms will be even more important. If you can manage to lower your mortgage payment, you can use any extra you save to put towards other debts. This may help you with your bankruptcy repayment plan or help you to pay other monthly bills. By paying all of your bills on time every month, you can significantly improve your credit score.

Making Your Monthly Payments
After taking out a new Vermont mortgage refinance after bankruptcy, it is imperative that you make all of your monthly payments on time every month. If you can do this for at least one year, you will see a huge boost in your credit rating. After two years of solid payments, your credit score will be much closer or even up to 706, the average credit score in Vermont.

Visit Vermont Lending Center to see our Recommended After Bankruptcy Mortgage Refinance Lenders Servicing Vermont , whether you are looking for home purchase, refinance or a home equity loan.

(341)

Article Source:


 
Rate this Article: 
 
Tips for Refinancing Your Florida Mortgage After Bankruptcy
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Mortgage Refinancing After Bankruptcy: Use Your Mortgage to Rebuild Your Credit

by: Louie Latour (September 18, 2006) 
(Real Estate)

Mortgage & Refinancing After Bankruptcy – You Can Re-Build Your Credit

by: Dean Shainin (May 24, 2006) 
(Finance/Bankruptcy)

Refinancing After Bankruptcy - Tips on Refinancing Your Home Mortgage After a ..

by: Carrie Reeder (October 17, 2005) 
(Finance/Mortgage Refinance)

Mortgage Refinancing – You Can Improve Your Credit Score Before Applying

by: Louie Latour (December 27, 2006) 
(Real Estate)

Loan & Credit Tips: Mortgage Refinancing & Re-Establishing Your Credit ..

by: Art Nourian (June 29, 2006) 
(Finance/Bankruptcy)

Mortgage Refinance Information – Tips for Refinancing Your Mortgage After ..

by: Louie Latour (November 02, 2006) 
(Real Estate)

Mortgage Refinancing After Bankruptcy

by: Louie Latour (August 13, 2006) 
(Finance/Mortgage Refinance)

Refinancing Mortgage After Bankruptcy

by: Sara Fredder (March 28, 2008) 
(Finance/Mortgage Refinance)

Mortgage Refinancing: Save Money When Refinancing With Bad Credit

by: Louie Latour (November 23, 2006) 
(Real Estate)

Tips for Refinancing Your Florida Mortgage After Bankruptcy

by: Jane Hale (December 08, 2006) 
(Real Estate)