Posted on: 19th Aug, 2007 07:00pm
If you have poor credit score, it does not mean that you don’t have any mortgage refinance option left. Though with bad credit, it is difficult to get approved for mortgage refinancing, but it does not mean that it is impossible altogether. You may still be approved for mortgage refinancing but with higher rate of interest. Here we discuss about the some things that you need to follow so as to get the mortgage approval with poor credit.
Importantly, you need to shop around so as to get the approval for mortgage refinancing even with poor credit. Before making the final choice you need to make a comparison between different offers.
- Examine your credit report carefully. Though it is possible to get approved for mortgage refinancing with bad credit but lenders will not agree to refinance your mortgage if your score is indeed very bad. In that case it is advised that you should postpone refinancing and should focus on improving your credit score.
- By practicing wise financial habits, you can improve your score. You need to put in efforts to lower down your debts and should pay bills on time so as to give a boost to your credit score.
- Find a co-signer with good credit score. Presence of a co-signer can augment your chances to get the approval for refinancing your mortgage.
Importantly, you need to shop around so as to get the approval for mortgage refinancing even with poor credit. Before making the final choice you need to make a comparison between different offers.
in december of 05, my boyfriend bought a home with a fixed rate of 7.9% for 2 years and adjustable aftewards. (there is a penalty for early payoff) now it is almost time to refinance to a fixed rate but his credit score is lower than before.(late payments on mortgage, some unpaid credit cards and a garnishment. is it still possible for him to refinance or do he have to wait?
I own a home that is almost paid off..i have a 20 year mortgage and almost have in paid off in 10 also i have never been late on a payment, but i have a low credit score. Can I still refinance?
my bankruptcy was discharged in 2007, my question is there a chance that I could get a lower interest rate with this over my head. If so , would there enough of a difference to make the change now?
is there any lenders that will do an fha refinance after i had missed 2 payments 1 2012 and 1 2013 due to a layoff. i had a great payment history up until now! my credit score is 670. is there any lenders that can help with a refi? i am current on my mortgage! and go back to work on march 1st.
Welcome earthmover,
It will be difficult for you to get such a lender. Even if you get a lender, you will have to give proper explanation as to why you missed the payments. Moreover, you will have to pay off the dues. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you will qualify for a loan.
It will be difficult for you to get such a lender. Even if you get a lender, you will have to give proper explanation as to why you missed the payments. Moreover, you will have to pay off the dues. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you will qualify for a loan.
due to loss of employment in 2007, i lost my home to foreclosure and filed bk due to not being able to pay the 2nd. i paid off my cc's, automobile loan before filing for bk, just couldn't afford my house pymt.. its been almost 2 years since my discharge. i've built my credit back to 725 and only owe small car pymt now. i have money to pay down my loan a little more, but need to refinance to lower the payment. i rented it to my neice, husband & children until i can afford to live there. my interest rate is 8.25%, if i could lower my rate by even 2%, my payments could be do able. what can i do, i don't seem to qualify for any of the programs??? please help me.. thank you, ida
Hi Ida Morton!
Welcome to the forums!
Do you have a job and a stable income now? If yes, then you may contact the local FHA lenders and apply for mortgage refinance. However, it will be the discretion of the lender as to whether or not he will refinance the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Do you have a job and a stable income now? If yes, then you may contact the local FHA lenders and apply for mortgage refinance. However, it will be the discretion of the lender as to whether or not he will refinance the mortgage.
Feel free to ask if you've further queries.
Sussane
You can discuss about refinancing your mortgage with your original lender and see whether or not agrees for it.