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Yes, you can often do mortgage refinancing with bad credit. This website will tell you how to do it and what programs can help you get lower mortgage payments from a low-interest refinance.
Why should you do a mortgage refinance? In today’s low-interest financial environment, a refinance may save you hundreds of dollars every month in mortgage payments. You may also benefit from the ability to quickly pay off your high-interest-rate credit card bills and cash back.
Many persons contemplating mortgage refinancing have a low FICO score. The term FICO stands for Fair Isaacs Company, which invented the single number rating system. Mortgage lenders certainly consider FICO scores, but they also look at a borrower’s income history, job stability, assets and the regional employment situation. One lender may reject someone that another lender welcomes with open arms.
Bad credit results from failure to pay bills when they are due. The companies with the most to lose are the credit card companies, so they hire the most obnoxious bill collectors. A mortgage company knows that it can always take the house back, so it is likely to be more forgiving and reluctant to foreclose.
In fact, your existing mortgage lender may be the best place to do a mortgage refinance w/ bad credit. The way to find out their best deal is to call and be up front with them. With all the Federal mortgage modification programs being tried, you may find your existing lender willing to bend over backwards to keep you in your home by refinancing the mortgage – bad credit or good credit.