Bad Credit Mortgages
Don’t Pay Too Much for Your Mortgage Refinance After Bankruptcy
A post-bankruptcy West Virginia mortgage refinance can save you a lot of money—but only if you make sure that you don’t pay too much for the loan. This is why it is so important to weigh the cost of lending fees, interest rates, and closing costs against the money you will be saving. Doing so will help you to determine whether or not you should get a refinance loan.
West Virginia Lending Fees
When you apply for and close on your West Virginia mortgage refinance after bankruptcy, you will be subject to many of the same fees that you had to pay when you closed on your original mortgage. These fees vary from lender to lender and include application fees, processing fees, underwriting fees, loan origination fees, and document preparation fees. The charges can add up fast and could cost you more than you anticipated after everything is said and done.
West Virginia Mortgage Rates
Rates in West Virginia are very low, especially for mortgage refinances. The average rate on a 30 year loan is only 5.69 percent. Keep in mind, however, that this is the average. You may have to pay more with a bankruptcy on your record. If the rate you are quoted on your post-bankruptcy West Virginia mortgage refinance is higher than the current rate you pay, you should think long and hard before refinancing.
West Virginia Closing Costs
Compared to other states, mortgage closing costs in West Virginia are quite low. Borrowers only pay an average of $2823 to close on a mortgage loan. Even so, this amount will take away from the financial benefit of refinancing. Be sure to get estimates on closing costs and figure these estimates into the total cost of your refinance.
