Refi question

[tressa]

My husband and I need to refi our house because we're in an arm that will go up in Aug. We will be out of BK 2 years in June. my question is, do we have to wait til june to get the best intrest rate. We tried to refi back in Nov and we're quoted something like 7.25% just from our scores, once they found out we had filed BK they had to refer us to their specialty department, and then quoted 8.95%, we of course turned it down. The lady who told us 7.25% couldn't believe we'd filed BK with our scores. ( I do not know what they are or were at the time. Two months out both mine and my husbands were right around 590) Any suggestions would be great.

Thanks

[MTG_BANKER_OH]

My husband and I need to refi our house because we're in an arm that will go up in Aug. We will be out of BK 2 years in June. my question is, do we have to wait til june to get the best intrest rate. We tried to refi back in Nov and we're quoted something like 7.25% just from our scores, once they found out we had filed BK they had to refer us to their specialty department, and then quoted 8.95%, we of course turned it down. The lady who told us 7.25% couldn't believe we'd filed BK with our scores. ( I do not know what they are or were at the time. Two months out both mine and my husbands were right around 590) Any suggestions would be great.

Thanks

You can apply whenever you want you will not be able to close until the BK has been discharged 2 years. You may not want to close any earlier because you may have a prepay penalty on your loan. When lenders for conventional loans pull credit reports they are usually good for 120 days. Do you know what your scores are currently and what you owe on the home compared to its value?