Refinancing your existing home loan is possible even if you don't have pristine credit. While you may have to pay a premium for the privilege, it is possible. Here are some steps you can take before you get the ball rolling that can help guarantee that the experience is memorable - and affordable.
The first step you need to take even before you start shopping for the perfect loan is to get a copy of your credit report of go over it with a fine-toothed comb to ensure that your prospective lender gets an accurate picture of your current finances.
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If you haven't seen your credit report in the last year you're entitled to a free copy of the reports as provided by the three major credit bureaus - Transunion, Equifax, and Experian. On the other hand, if you've seen your report within the past year it will cost you a nominal fee, unless you've been turned down for credit within the last 30 days.
When you get the reports, lay them out on a table or other flat surface and go over them carefully. If you see inaccuracies, make a notation on the report as to whether the inaccuracies are your accounts. If there are instances of entries appearing on your report that don't belong to you, you could be the victim of identity theft or mistaken identity.
Your next steps will be determined by whether the inaccuracies are yours or not. Here's what to do with the information you hold at your fingertips:
- If the entries in question aren't your accounts, you'll need to file a dispute. In order to get the inaccuracies removed you may have to file a police report with your local law enforcement agency, depending on the creditor.
- If the entries are your accounts, and they're recently showing negative information, either pay the accounts off or make arrangements to either pay them off or negotiate an account settlement. If the last date of activity of a negative account is older than the last 6-12 months, you're probably best served to let the account sit.
The reason I say this is because by paying it off you'll restart the 90 day clock of recent activity. It may not be fair, but even if you pay off an account like this, your credit report will take a new hit that will cause your FICO score to drop by a few points.
Once you've taken some steps to ensure that your finances are in the best possible shape, you're ready to begin shopping for a good refinance loan. You can go it alone and hope for the best deal your friendly local banker might be willing to give you, or you can cast a wider net by working with a good mortgage broker.
Take care to make sure the broker you're considering working with is an experienced and seasoned professional familiar with working with borrowers with checkered credit histories. They'll likely have a number of alternative lenders available that will be willing to take a fresh look at our unique financial situation.
Remember, a good lender is like a good dance partner. They'll know all the best moves and they'll be able to make you look good for potential lenders. Remember, honesty should be your calling card when dealing with a mortgage broker. Get off on the right foot with your mortgage broker by establishing yourself as an honest borrower, and demand the same of your broker. Your loan process will go more smoothly and you won't have to worry about a last-second discovery derailing your loan application.
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