Bad Credit Mortgage Refinance
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Bad Credit Mortgage Refinance - Hear what one borrower has to say about bad credit mortgage refinancing:
My significant other and I recently decided to refinance our house, and were unaware of the fact that we had bad credit until we sat down with our mortgage broker whom you can reach at the 800 number on this site, who ran a trimerge report and told us our credit scores were not so good. While it was hard for us to qualify for the excellent credit loan programs we had heard about, he told us not to worry. He suggested we look at options for bad credit mortgage refinance, and gave us a valuable education about our credit and how a bad credit mortgage can be your most powerful tool for credit repair and the cornerstone of financial well being.
There are several reasons you might have bad credit or subprime credit. The biggest cause of bad credit or poor credit for most people is making late payments to various lending institutions, or anyone who extends you credit, with a regular pattern. Seeing this, most lenders will assume that since you cannot or will not make regular payments to other creditors or lending institutions, you are probably not capable of making regular payments to them. The later you are with your payments, the more your creditors report you to the credit bureaus, and the further your credit score drops. Poor credit may also be caused by any type of bankruptcy. Whether you have used Chapeter 13 or Chapter 7 bankruptcy, most people use bankruptcy as a final option, and the record of this bankrupcty will entered on your credit report where it will remain for seven years. However even though it can indicate that you may be a very high risk borrower and make it impossible to get a loan from your local bank, the best brokers know how to help people even one day out bankruptcy get a loan and get back on the right track rebuilding credit. We had never filed for bankruptcy, but we did have very high balances and many derogatory tradelines, some which we incurred before we even owned our current home.
If you have bad credit, most lenders will not qualify you for a loan, but you should contact a mortgage broker on this site to review your credit report with you and determine whether they can help. The mortgage rates which they can get you with bad credit are better than most banks, but still will be higher than if you had good credit. But a bad credit loan is only the first loan in an overall credit rebuilding strategy. Step two is to make regular payments on the bad credit mortgage for 1 to 2 years, which will greatly improve your credit rating, and then refinance again with your broker who will now be able to offer you much better rates with your much better credit.
A bad credit refinance truly becomes a powerful tool for rebuilding credit for people who are interested in debt consolidation. When you refinance, even a bad credit mortgage refinance, you may be able to take extra cash out of your home equity to pay off the high interest credit card bills and high balances with other creditors that have caused your score to drop in the first place. And if you are anything like us, who had thousands of dollars to pay off on our credit cards, incorporating debt consolidation into your bad credit mortgage refinance will save you hundreds, even thousands of dollars each month. Even though we borrowed a little more money so our house payment went up a bit, our credit card bills got cut by 80% from before the mortgage refinance. We save over $1250 a month compared to before we refinanced if you look at what we totally have to spend, and for us thats meant the difference between TV dinners and steaks on Friday night.
While obtaining a bad credit refinance can often be more difficult, our broker made it easy, and it can help you to reestablish your line of credit after you have experienced credit problems. The bad credit refinance was our best solution to consolidating our debt and getting our total monthly expenses down to a more manageable level. With lower payments to all of our creditors because of debt consolidation, we dont have trouble paying on time, and are no longer living paycheck to paycheck. Our credit is already showing improvement, and this bad credit mortgage refinance has made the difference.
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Are You getting the best deal from your current mortgage lender? Find out today for FREE! To speak with a RefinanceOne Team counselor about your mortgage contact us using one of the following methods:
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Envision Lending Group RefinanceOne helps customers in 30 States find the best possible financial solutions, regardless of credit history. Let our knowledgable representatives create a program to help you achieve your goals, and take Your First Step Toward a Brighter Tomorrow.
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