Can I refinance with bad credit score

Hi swec,

With a bad credit score it will be very difficult for you to qualify for any kind of loan. In today's market situation, none of the lenders will be ready to provide you with a loan if you have a bad score. Nevertheless, you can contact a local FHA lender and check out if you can qualify for a FHA loan.

Thanks

Hello Swec,

This is a common misconception that many borrowers possess. While having bad credit does impact the loan application process and will affect the interest rates that a lender offers, if you have a home, getting a refinance loan is still possible, even with bad credit.

:idea:

Hi,

A credit score can help you to build credit and manage your money. The purpose of a credit score is to give mortgage consultants an overall probability of going 90 days late on any of your accounts within the next 24 months.


Thanks...

Hi mortgagelenderexpert!

Welcome to forums!

Did not understand what you exactly wanted to mean by "The purpose of a credit score is to give mortgage consultants an overall probability of going 90 days late on any of your accounts within the next 24 months. " - Can you please explain?

Feel free to ask if you've further queries.

Sussane

There is always a chance of being able to refinance a loan even with a bad credit score. However, brokers and private lenders who are willing to refinance your loan will charge you with a high interest rate. The best thing to do is to improve first your credit history and make sure that you pay your bills on time. This will increase your score and widen your chance of having lenders refinance your loan. To know more on how to increase your credit score, check out "goarticles.com/article/Piggyback-Lift-Up-Your-Credit-Score/6822321/".

[External link deactivated as per forum rules. Thanks.]

Yes, it is possible to refinance even if you have bad credit, though the options are less. However, its true that the interest rate charged may be high.

There is no need to fret about your situation. If you have a bad credit score, there is still a possibility to have your loan refinanced. However, you need to expect that brokers and private lenders who are willing to refinance your loan will charge you a much higher interest rate. The most effective thing to do is to rebuild your credit score first. Make sure to pay your bills on time and avoid using your credit for the mean time.

Think Again before applying for home loan with bad credit.

Just fixed your bad credit first in order to be approved for whatever loan you want later on. Try to consult on some credit repair services company's for your problem. I'm sure there a free consultation out there they offer to help you.