If you have never refinanced a mortgage after bankruptcy in New Jersey, you probably don't know much about how it works. Taking the time to learn about how the lending business works will be to your benefit. Here are three things about refinancing a New Jersey mortgage after bankruptcy that you might not know:
Lenders Will Be After You
You might be surprised when, after filing for bankruptcy, a bunch of lenders come out of the woodwork ready to give you any loan you want. You might have already heard about different lending services through phone calls, emails, or mail. Even though it might be tempting to contact one of these companies, you should find your own lender instead of going with one who came to you. During the first meeting, you should stay away from anyone who asks for your credit card number or bank account number.
You are protected by the laws of New Jersey.
The New Jersey Home Ownership Security Act was just made by the state to protect people who want to refinance their mortgage after filing for bankruptcy. This act outlaws predatory lending, and its main goal is to protect the equity of a borrower. Even though this law is in place, people who want to refinance a New Jersey mortgage after bankruptcy should pay attention to any red flags that come up when working with a lender.
You need to know how to shop well.
Rates, fees, and loan terms vary from one place to another. This is why you must be a smart shopper when looking for a New Jersey mortgage refinance after bankruptcy. If you don't compare different loans before you take one out, you won't know if you're getting the best one.
