Can I Refinance My Mortgage with Bad Credit Online

If you are one of those who think, “Can you refinance mortgage with bad credit?” then you need to know that such a proposition could be a perfect possibility now. These days you can find lenders that specialize in providing bad credit home refinancing loans to even those borrowers who have bad credit ratings. But to locate them, you may need to seek expert help.

MortgageRefinance101 assists people in finding top rated bad credit home loan refinance lenders online through a simple, easy and hassle-free process within minutes of applying.

Can I Get A Home Loan With Bad Credit If My Credit History Affect My Overall Ability To Get House Refinanced?

Lenders run credit checks on applicants for determining the overall risks involved in granting loans for refinancing mortgage loans. A person’s credit rating is a summation of his past debt repayment history (35%), total amount of loan dues owed (30%), for how long credit services are being used (15%), new credit facility (10%) as well as type of credit (10%). A FICO score which is below 650 could be treated as poor credit and the interest rates charged will be significantly high. On the other hand, if your credit rating is in the range 750-850, you can get lowest home refinance rates.

How Can I Get a Mortgage with Bad Credit To Improve My Credit Rating?

Can you refinance your mortgage with bad credit rates? it could be vital for you to take some urgent steps to improve your credit rating first. To that effect, you may get free copy of your annual credit report from all the 3 major credit bureaus (Equifax, Experian and TransUnion) in the country. Next to make sure that your credit record is correct and accurate, identify errors and get them removed from your credit profile. Thereafter, start repaying high interest credit debts and ensure that the payments are being reported to the credit bureaus. For building credit faster, you can also seek services from a certified and experienced non-profit credit debt counsellor.

Can People with Bad Credit Get a Mortgage? 3 Important Guidelines

Still thinking, how to refinance a home loan with bad credit?" Here are few crucial guidelines that you may follow to simplify your task of getting an early approval online.

  • Improve your Credit – Start reducing level of your debts by making efforts to pay all bills and credit balances on time. Such a move will enable you to build credit in a sustained manner and even mortgage loan lenders will view such a move favourably while reviewing bad credit home loan refinance application.
  • Get a Good Co-Signer – Majority of the home refinance loan lenders will approve your mortgage refinance for bad credit application quickly if you get a co-signer, who has good credit reputation, to co-sign your loan. Co-signer becomes responsible for paying monthly payments if borrower misses few and this assures lenders that money lent is recoverable.
  • Apply for FHA Streamline Refinance – If your existing mortgage is insured by the FHA then you can think of applying for the FHA’s streamline refinance program. Eligibility guidelines for the FHA plan are extremely lenient and so it is easier to obtain an approval for lower FHA refinance rates despite having a bad credit history.

Can You Refinance Your Mortgage with Bad Credit?

Apply Today With Free Quotes! It's fast and secure!

can i refinance my house with bad credit

Know How Can You Get a Mortgage Loan with Bad Credit?

Can you get a mortgage with bad credit? You can consider applying for a bad credit mortgage refinance loan online for a variety of reasons. Some of these might include the following ones:

  • To secure a new loan at lower interest rate and new extended duration as per specific financial needs and requirements.
  • Shift over from an adjusting high interest ARM that is nearing its term end to a low fixed rate mortgage.
  • For saving hundreds of dollars annually by lowering monthly mortgage instalments drastically.
  • To consolidate high interest rate credit card debts and pay those off at one go with a low interest rate bad credit home refinance loan.