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Though filing for bankruptcy can make it difficult to get a new loan, it certainly doesn’t make it impossible. The real challenge will be getting a good mortgage refinance rate. Here are a few tips to help you get the best interest rate on your Alabama mortgage refinance:

Give It Time
Contrary to popular belief, it is possible to get an Alabama mortgage refinance before, during, and immediately after filing bankruptcy. All you need to do is find the right lender. Even so, you may want to give it some time before applying for a refinance loan. By taking a few months or even a year to re-establish your credit, you could qualify for a better refinance rate. While waiting can be difficult, it may be worthwhile. Alabama loan rates are adjusting and have dropped little by little over the last few months. Many economists think the rates will only continue to get lower.

Boost Your Credit Score
The average credit score in Alabama is 676. After filing bankruptcy, your credit score is probably a bit lower than this. If you want to double your chances of getting approved and getting a good rate on your Alabama mortgage refinance, you may want to take a few steps to boost your score and get it closer to the average. The higher your credit score is, the lower your interest rate will be.

Shop Around
Rates in the sub-prime lending industry can vary significantly. If you have recently filed bankruptcy, it is of utmost importance that you take time to shop around and compare rates before refinancing your Alabama mortgage. These comparisons will help you determine which lenders are offering a good deal and which ones aren’t.