Refinance Home Mortgage Loan With Poor Credit 3 Tips On Getting Approved
Refinancing your home mortgage is the cheapest type of credit you can access when you have a poor credit history. Based on your propertys value and equity, you can pull out cash for home improvements or to consolidate bills. Or you can decide simply to reduce your rates and monthly payments. To get the best deal on your next mortgage loan, follow these three tips.
1. Check Out Rates
Before you dive into a mortgage contract, check out rates first. This will give you an idea of what you can borrow and at what rates. It will also help you find the most competitive lender for your type of credit.
At this point, you dont want to give permission for financing companies to look at your credit report. Too many credit inquires can really hurt your credit score. While loan estimates arent guaranteed, they can give a good idea of loan costs, especially if they ask about your credit score.
2. Do Some Preventative Maintenance On Your Credit Report
Prior to completing a loan application, do a check up on your credit report. It doesnt hurt to check for any mistakes. And you may...