People who have bad credit likely have mortgages with rates that are very high - as a result, they are paying more than their peers who have good credit.
Borrowers with bad credit may have had a poor credit score when they first got their mortgage, or - due to a variety of circumstances - find themselves with a low credit score long after they closed on their mortgage.
Many borrowers with bad credit feel like they are paying far too much for their loan, and they are concerned that their poor credit will prevent them from getting a better rate.
High mortgage payment can be extremely stressful, and having poor credit introduces a lot of doubt as to whether your situation can be fixed.
By initiating a mortgage refinance you can start down the road to an improved financial life.
Can I refinance even if I have bad credit? People want to be sure lenders won't reject them and waste their time on a wild goose chase.
The answer is yes; you can refinance your mortgage even if you have bad credit.
Many lenders specifically cater to the needs of borrowers with bad credit, and have refinance products that can help you lower your rates.
How good of a rate can I get in spite of my bad credit? Even if you're able to refinance, does it really make financial sense?It certainly does!You can lower your monthly payments by completing a mortgage refinance, even if you have bad credit.
Even lowering your rate by one percent is a dramatic improvement.
Bad credit and high monthly bills are a dangerous combination.
You can reduce your long-term financial risk by completing a mortgage refinance and lowering your payment.
How do I find lenders who will accept me? These are busy times, and you're a busy person.
You don't have a lot of free time to spend researching which lenders meet your needs.
The easiest way to find a lender that will accept borrowers with bad credit is to enter a refinance application that compares the quotes from several lenders.
Filling out a quick application takes only two to three minutes to complete.
This small investment in time can end up saving you thousands of dollars down the road.
By completing a refinance application online you'll save hours of confusing and frustrating manual research.
You can select the offer that best meets your needs and will help you accomplish your goals.
Things to Keep in Mind This is the bottom line: people who have bad credit may be losing thousands of dollars in interest charges.
The ramifications of paying too much in interest are dire: Having that high rate prolongs the repayment term - you end up paying more money for a longer period of time.
You could be throwing away thousands of dollars every year that could be better spent on your family, your health, or your future.
Use the extra money to pay down debt, or opt to work fewer hours and spend more time with your family.
Even if you have bad credit, your interest rate could be greatly improved with a mortgage refinance.
Upon completion of a refinance, your monthly payment will be lower, saving you money, frustration, and a lot of stress.
Despite bad credit, your financial situation can be helped!It's important to start the mortgage refinance process today and start saving as soon as you can