how to refinance your house with bad credit

Refinancing your home with bad credit is certainly possible, even if you have to work a little bit harder. Thomas Bepko Thomas began his mortgage career in San Francisco, California in 2003 after serving in the United States Army, and has over 10 years of experience in the mortgage industry.

1. Make Your Application More Attractive to Lenders. Lenders often view applicants with low credit scores as risky borrowers. In order to qualify for a refinance with bad credit, you may need to highlight any qualities that prove you’re responsible. For example, if you’ve kept the same job for six years, that’s something you may want to emphasize.

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5 Bad Reasons to Refinance Your Mortgage – If you wind up in over your head with your credit cards all over again, you could put your house at risk. be left with nothing but a bigger mortgage. Refinancing for the purpose of investing can be.

8 Tips on How to Refinance Your Mortgage with Bad Credit – If your credit has taken a dive since you first bought your house, it may be difficult to refinance. After all, you’ll essentially be taking out a new home loan and will have to go through the entire mortgage application process with a lender.

The short answer to your question is, "Improve your credit." To fix bad credit, and thus establish and maintain a good credit score, you must open, use, and timely pay credit accounts that regularly report to the three major credit reporting agencies (equifax, Experian, and TransUnion).

compare mortgage interest rates How to Find the Best Mortgage Rates. Mortgage rates can change daily, and can vary widely depending on the borrower’s personal situation. The difference can mean tens of thousands of dollars over the life of the loan. Here are some tactics to help you find the best mortgage rate for your new home loan. Shop Around

Other Options to Refinance with Poor or Bad Credit. If you have a poor or bad credit score, you won’t get a traditional lender’s best terms and you may not even qualify. To qualify, you’ll have to meet the lender’s loan-to-value requirements even. Your home equity will likely need to be at least 20% equity.

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