Poor Credit Mortgage Refinance – Refinancing Your Home After Your Credit Score Has Dropped
You can still refinance with bad credit, but you will need to shop around. Each refinance application is looked at on an individual basis. So even if you have bad credit, other factors could qualify you for a low interest rate. However, if you dont apply, you will never know.
Reasons To Refinance
If you bought your home with good credit, you probably found reasonable rates. But you still may be able to lower your rates by refinancing. You can also lock in rates by converting to a fixed rate mortgage.
You can also lower your payments by extending the terms of your loan. You may also choose to tap into your equity through a cash-out mortgage. You can use your equity to pay off bills while writing off the interest on your taxes.
Qualifying For Refinancing
Just because you have poor credit, doesnt mean you cant qualify for refinancing. You can still use a conventional lender even if you have missed a couple of payments. And if you have sufficient equity, most lenders will look at your application.
The government also offers programs if...
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