Knowing when to refinance your Tennessee mortgage after bankruptcy can be difficult. Then again, there are times when a refinance is absolutely essential. Here are three signs in particular that you need a mortgage refinance after bankruptcy:

You Can't Afford Your Payment
If you struggle to make your mortgage payment on a monthly basis, you're in trouble. Getting a post-bankruptcy Tennessee mortgage refinance can help, especially if you can find a lower rate than you are current paying or better loan terms. Maybe you have an adjustable rate that isn't working out or a balloon loan that has suddenly come due; whatever the case may be, by refinancing, you are sure to free up extra money each month, making it easier to make your payments and pay off other debts in the process.

You Have a Double-Digit Interest Rate
If your interest rate on your current mortgage is in double-digits, it's time to get out of the loan. Mortgage interest rates in Tennessee are currently very low, averaging only 5.59 percent on a 30-year mortgage refinance. Even if you have a bankruptcy on your credit report, you should be able to find a single-digit rate that is more feasible than what you are currently paying.

You Need Cash
If you are in desperate need of cash to pay college tuition, consolidate debt, pay medical bills, or make home improvements, a post-bankruptcy Tennessee cash-out mortgage refinance can allow you to borrow from your equity and provide you with the money you need. Even if your credit score doesn't allow you to qualify for optimal rates, you will still be paying less on a loan secured with your home than you would on a credit card or other types of loan products.