A 2nd mortgage loan after a bankruptcy is possible in as little as two years. Refinancing your mortgage can help you make needed home improvements or pay off high interest debt. Refinancing with adverse credit history requires savvy shopping on your part to ensure that you get a reasonable 2nd mortgage loan.

Building Good Credit

After a bankruptcy, take the next two years to rebuild your credit history. By making regular payments and building up cash reserves through a savings account or saving bonds, you will put yourself in a better position to refinance your home.

Sub Prime Brokers

Your credit report will list your bankruptcy for seven to ten years, so you will need to go through a sub prime mortgage broker. A sub prime mortgage broker offers loans at slightly higher rates to high risk lenders.

Sub prime brokers vary in the amount of fees and points they will charge. With adverse credit, you should expect to pay a couple of points higher than a traditional loan. The best way to ensure you are getting a competitive rate is to shop around.

Searching For Rates

Sub prime brokers have moved online, allowing you to easily compare rates and fees. You can gather general quotes by giving out basic information like how much you want to borrow and your property