Refinancing for people with bad credit can mean the difference between having to sell a home or keeping it. Many people buy a house at a certain market interest rate only to find after a couple years the market has changed and they are paying more than they should. In this case, the best thing to do is to refinance.
Now, if you happen to have bad credit when you want to refinance, you may find it's difficult to accomplish. This is because virtually all lenders use your credit score to determine how credit worthy you really is. If you don't have good credit you are, to the eyes of the lender, a much higher lending risk than someone with good credit.
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Fortunately, you have already gotten a first mortgage. This means refinancing that mortgage should be significantly easier, provided you have a solid repayment history for the mortgage loan. You see, you can make a very compelling case to any lender that you would be a good candidate for a refinance loan. If you have been making payments on your mortgage responsibly and have never been late or missed a payment, there is very little reason why a lender should reject your application. You are already "proven."
You may be asked to give a good explanation why your credit is bad though, so you want to make sure you have a strong answer to give when they ask. Things like "lost job," "business failure" or "health reasons" are always good answers to give. "I am a gambler" is not.
Refinancing for people with bad credit is pretty straightforward, as long as you have been good on your current mortgage payments.
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