Mortgage Refinance with Bad Credit
by Andrea
(Swedesboro, NJ)
Regarding Mortgage Refinance with Bad Credit: My husband and I financed our home at 9.35% due to credit problems. But we worked very hard to get our scores up and succeeded. However, due to my husband becoming laid off (he's back to work now) our credit took some hits and is now in the "Poor" rating.
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Is there any possible way to refinance and get a lower rate than what we are currently paying? Even if that rate would still be considered high?
Meaning, with mortgage rates decreasing, wouldn't bad credit be financed at a lower rate then, let's say, a year ago?
Kate Answers: Mortgage Refinance with Bad Credit
Dear Andrea, Mortgage rates have been coming down as you mention. However due to the subprime mortgage loan crisis and excessive foreclosures, the flow of money has dwindled.So although it should make sense that a homeowner with bad credit could refinance into lower interest rates this year compared to last, keep in mind that mortgage lenders are reluctant right now to lend money in general.
Have you contacted any lenders to see what lending is like in your locale? First, though, don't miss my 10 best kept secrets to Low Mortgage Payments to help you prepare for a refinance.
You did a great job improving your credit once so you can do it again. Review How To Fix A Credit Score for helpful tips.
Check back here often as I am adding more refinancing advice and credit repair tips to help homeowners get the best mortgage rate.
Sincerely,
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