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Home Equity Loan after Bankruptcy - Should You Use a Prime or Subprime Lender?

Right after a bankruptcy, your best choice for financing is a subprime lender. Subprime lenders are willing to lend to those with bad credit, even if a bank has turned you down. But if you have improved your credit with time, cash assets, or a high salary, you can get better financing rates with a prime lender. 

Top Recommended Companies To Refinance With:
(updated ):

Act Now! Lower your monthly mortgage payment!     - Competitive rates and no hidden fees
    - Bad Credit OK
    - New Purchases, Home Equity & Refinance
    - One dedicated mortgage banker from first call to closing
    - Quick Application with worthwhile results

If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.

Mortgage rates are still low. Refinance & Lower Your Payment!
    - Get Started on a Lower Payment Now!
    - America's #1 Online Lender
    - Save More and Spend Less!
    - No Obligation and Free Expert Advice

Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.

When applying for a bad credit mortgage loan, make sure you are current on your existing credit lines. You will want your current credit to be as good as possible.

Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.

The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.



Begin Your Credit History With A Subprime Lender

Subprime lenders are more lenient with their loan qualifications than prime lenders. As soon as your bankruptcy has finalized, you can qualify for a home equity loan with subprime lending companies. 

Rates vary between 1% to 12% over prime rates. The first year after a bankruptcy, rates and fees will be at their highest. After 12 months and a positive payment history, rates will drop by a point or two. 24 months after your bankruptcy, your credit score is largely based on payment history, debt ratio, and income not your past bankruptcy. 

Terms and conditions are also more flexible with a subprime company. They are more willing to offer 100% financing. With some loans, you can include finance fees as part of the principal. 

Apply For Prime Financing Sooner Than You Think

Prime home equity financing isn't just for people with perfect credit. You can qualify for prime rates even if you had a bankruptcy two years ago, a late payment on an installment or revolving account, or a debt ratio of 45. 

Prime loans offer the lowest financing rates and fees. You are also subject to fewer fees in most cases. Prime lending offers traditional terms, which may limit how much you can borrow.

Where To Find Your Lender

With recent changes in the financing sector, most lenders offer both prime and subprime loans. While most traditional banks and credit unions will offer financing to those with poor credit, they won't always approve home equity loans for people with recent bankruptcies. 

Start your financing search by asking for home equity loan quotes from all types of lenders. Be honest about your credit situation, income, and assets. That way you get loan estimates you can rely on. 

With some time spent researching financing companies online, you can discover good terms for your next home equity loan. 

Recommended After Bankruptcy Home Equity Lenders:

Top Recommended Companies To Refinance With:
(updated ):

Act Now! Lower your monthly mortgage payment!     - Competitive rates and no hidden fees
    - Bad Credit OK
    - New Purchases, Home Equity & Refinance
    - One dedicated mortgage banker from first call to closing
    - Quick Application with worthwhile results

If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.

Mortgage rates are still low. Refinance & Lower Your Payment!
    - Get Started on a Lower Payment Now!
    - America's #1 Online Lender
    - Save More and Spend Less!
    - No Obligation and Free Expert Advice

Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.

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