Q: Is it possible to refinance from a 6% 30-year FHA-backed loan to a 15-year loan if I filed for bankruptcy two years ago? I have been in the house for 2.5 years and have never been late on a payment.
A: Given your bankruptcy, it is unlikely that you will be able to find a mortgage lender to make you a new loan until at least a few more years have passed. It's hard to say how long, which can depend upon whether or not you've rebuilt your credit and the kind of bankruptcy filing. However, it doesn't hurt to ask; call your existing lender and see what guidelines they can give you.
- What is a rate and term refinance?
Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense.
- Are ten-year fixed-rate mortgages (FRM) available anywhere?
Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.
- Can I get copies of checks from a past refinance?
It's not going to be easy, that's for sure.
- Can I refinance an underwater ‘kiddie condo’?
If the home is underwater, HARP is really your only option.
- Will shopping around for a refinance affect my credit?
Credit bureaus usually treat multiple applications to different lenders as a single entry in your credit file.