Refinance Your Mortgage to Rebuild Credit

Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender. To rebuild your credit, make regular payments on your mortgage and other bills. Then after two years, refinance again for lower rates with your now good credit rating.

A Note About Sub Prime Lenders

Sub prime lenders offer B, C, and D credit, which means they offer credit to high risk lenders. For taking on these high-risk loans, sub prime lenders charge slightly higher interest rates and fees.

Some sub prime lenders charge excessively high fees, but you can screen these out by comparing mortgage rates. Online mortgage lenders make this easy with their online quotes and posted rates.

Applying For Refinancing

Applying for refinancing has been made easy with the internet. The first step is to collect several financing offers, and sort through them. Look for low fees and interest rates.

Once you have picked a mortgage lender, fill out the application either online or request an application mailed out to you. Once you have submitted your application, it will be reviewed and processed. You refinancing should be completed in about 6 weeks.

Getting Financing Approval

Getting approval for your refinancing application is a common concern. While lenders approve more B, C, and D credit loans today, you can also stack factors in your favor. Paying off loans, closing unused credit card accounts, and making regular payments on credit cards and other loans will help. Another step is to put a note in your credit report explaining the reason for past due bills, foreclosures, or bankruptcy.

Rebuilding Your Credit

The next step to rebuilding your credit is to make regular, on time payments on your refinanced mortgage and other bills. Making regular payments is the single fastest way to establish good credit. Make the bill payment easy by setting automatic withdrawals through your bank.

Refinance With Good Credit

After you have established a good credit history, apply again to refinance your home for lower interest rates. If you declared bankruptcy, wait at least two years to refinance. However, if you simply had a series of late payments on your credit, wait a year before researching refinancing options.

To view our recommended sources for sub prime mortgage lenders online, visit this page: Recommended Sub Prime or Bad Credit Mortgage Lenders Online.

Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.postchronicle.com/news/business/article_212190469.shtmlcid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNHevygul9pKRaVNW-5stmQeJhrPHAimg src=http://news.google.com/news?imgefp=YuTugCVI7XMJimgurl=www.postchronicle.com/images/articles/sale.jpg width=80 height=51 alt= border=1brfont size=-2Post Chronicle/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3Da_i8357NDD7k%26refer%3Dhomecid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNH9qkEEuh5oUN5EiJU6PGFIC6y31gUS MBA’s bMortgage/b Applications More Than Doubled Last Week/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr9 hours ago/nobr/fontbrfont size=-1The bMortgage/b Bankers Association’s index of applications to purchase a home or brefinance/b a loan jumped 112 percent to 857.7, the highest level since March, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/bulls-outlast-bears-wednesday-grudge/story.aspx%3Fguid%3D%257BD706D818-06FC-4461-9AA0-6BE928A0AF20%257D%26dist%3Dmsr_3cid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNElKi1BBPsZ3USRZNF0acARE_PRMQFINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.google.com/hostednews/ap/article/ALeqM5iGO3ptAO6a54_9bVj7EorgcgBWSQD94RAE1G0cid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNEaOll8Yvtb_pSWR_X6_lyANR7yQAbMortgage/b application, brefinance/b volume surge/a font size=-1 color=#6f6f6fnobrThe Associated Press/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.usatoday.com/money/economy/housing/2008-12-03-mortgage-applications_N.htmcid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNHK_ToRqr0y506Ds7PKcHTuQzv5_wFalling rates spark rush to bmortgage/b applications/a font size=-1 color=#6f6f6fnobrUSA Today/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/economicNews/idUSN0333008520081203cid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNE828I69SNxsPWUZx5Gb6WqG3UIgAnobrReuters/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://economy.kansascity.com/%3Fq%3Dnode/409cid=1277091985ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNFiFd6DRXPOaT1OjGD_insFrZeCoAnobrKansas City Star/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1277091985hl=ennobrall 141 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.easybourse.com/bourse-actualite/marches/mortgage-refinance-applications-soar-as-rates-fall-573131cid=0ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNFnGvHjHzDQQrbT3XJl5FBFrEi-WwbMortgage Refinance/b Applications Soar As Rates Fall/abrfont size=-1font color=#6f6f6fEasyBourse.com,nbsp;Francenbsp;-/font nobr17 minutes ago/nobr/fontbrfont size=-1The bMortgage/b Bankers Association#39;s index of brefinance/b applications posted a record 203.3% increase over the previous week. Additionally, the US Treasury b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/ousiv/idUSTRE4B27JG20081203cid=1276773558ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNFvr80cvqDL7LRCqc_ZPmIvj3FMcQLower bmortgage/b rates help but jobs, prices key/abrfont size=-1font color=#6f6f6fReutersnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1Applications to buy and brefinance/b homes hurtled higher last week as the lowest rates since the summer of 2005 unleashed pent-up demand. b.../b/font/div/font/td/tr/table
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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.chron.com/disp/story.mpl/business/6143753.htmlcid=1276993206ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNHEo7euA0ymzwGb1B6kfCeSaLW9mwimg src=http://news.google.com/news?imgefp=zDehzouC4NYJimgurl=www.chron.com/photos/2008/12/02/14221383/260xStory.jpg width=80 height=53 alt= border=1brfont size=-2Houston Chronicle/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.chron.com/disp/story.mpl/business/6143753.htmlcid=1276993206ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNHEo7euA0ymzwGb1B6kfCeSaLW9mwbMortgage/b proposal has faced conflict/abrfont size=-1font color=#6f6f6fHouston Chronicle,nbsp;United Statesnbsp;-/font nobr16 hours ago/nobr/fontbrfont size=-1b.../b home prices fell and stricter bmortgage/b standards made it harder for borrowers to sell or brefinance/b, according to RealtyTrac, a provider of default data. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601213%26sid%3DaSwRduPiiLjc%26refer%3Dhomecid=1277198152ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNGG4kHzSyLGH2qc8EScqd7eV1e1PAFed’s Kroszner Says Foreclosures Harming Middle-Income Areas/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1b.../b the highest on record as home prices dropped and stricter bmortgage/b standards made it harder for homeowners to sell or brefinance/b, RealtyTrac Inc. said. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601068%26sid%3DaRtykQ8tqETY%26refer%3Dhomecid=1277209673ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNEzQbwpm8yJazhu2A_a8X3UC7XSPQUS Economy: Service Companies Shrink at Record Pace (Update1)/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr4 hours ago/nobr/fontbrfont size=-1“Things overall still look bad, but this, together with last week’s doubling in MBA brefinancing/b, provide glimmers of hope,” Ian Morris, chief US economist b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/12/02/AR2008120203155.htmlcid=1277101884ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNHr9QYOlDjN6mhwquiWYp4ePTUYZgFHA Insurance Fund Has Fallen 39 Percent/abrfont size=-1font color=#6f6f6fWashington Post,nbsp;United Statesnbsp;-/font nobr14 hours ago/nobr/fontbrfont size=-1If they suffer a financial blow, such as job loss, they will be more likely to default on their loan because they won#39;t be able to sell or brefinance/b. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.prweb.com/releases/VA/loans/prweb1696824.htmcid=1277101884ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNFDT1u_KjX7qUQSycVdr434ZsHBSwRecession Lowers bMortgage/b Rates for VA Loans, Flagship Financial b.../b/a font size=-1 color=#6f6f6fnobrPR Web (press release)/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1277101884hl=ennobrall 4 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.smallcapinvestor.com/smallcapnews/todaystrading/2008-12-03-retail_financial_homebuilders_lift_small_caps_past_weak_datacid=1277269070ei=qgQ3Sd3WPI3I9ATmjoWqDwusg=AFQjCNEw0i2jkSbvNhCTyyhmGH2FqC2ANgRetail, financial, homebuilders lift small caps past weak data/abrfont size=-1font color=#6f6f6fSmallCapInvestornbsp;-/font nobr29 minutes ago/nobr/fontbrfont size=-1“The bmortgage/b purchase and brefinance/b data are seen as friendly, and Radian said that October bmortgage/b claims were less than expected,” Nick Kalivas, b.../b/font/div/font/td/tr/table
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