Refinancing Your Mortgage With Bad Credit
Many people today are faced with unemployment or under employment and find themselves thinking about refinancing their current mortgage. Not everyone has perfect credit and people have found that with all the trouble in the credit and banking markets that their credit scores have gone down. Sometimes it brings them into the poor category which makes it real tricky to refinance a mortgage when you have bad credit.
The main two things any lender looks at when applying for a mortgage or refinance are income and credit scores. If you tell the lending company that you are receiving unemployment, they may question how long you will have an income, as unemployment benefits can only last for a certain period of time. They are thinking, "What if this person loses their income? How will they survive? How will they pay us?" Maybe you would live on credit cards until they are maxed out. The bottom line is that they will not risk not getting paid.
There are companies who will have bad credit mortgage loans in which they specialize in. Thank God for these companies. They know all about how life can toss turns in it and people need help and a second chance. They are not there to judge, but there to help. These companies will work very hard to get you a loan. They do not get paid unless they close deal with you and they want their commission. You can talk openly to them about your credit history.
Sometimes the mortgage broker might refer your bad credit refinance to the FHA. FHA loans are much easier to qualify for. They are also good for those that do not have a lot of money to put down on a house. You can qualify for an FHA with just 3.5% down. It is easier to refinance your mortgage with bad credit with the FHA since they are more lenient and will even consider applications that have prior bankruptcies.
Bad Credit Mortgage Brokers are more understanding about things like having had late payments or other related issues. These brokers know that stuff happens during our lifetime and we may need extra help and a second chance. Most of these bad credit lenders have great relationships with their underwriters and can talk to them on your behalf and get you the loan that you need.
Before you start shopping around for a refinance loan you should have someone run your credit for you so you know what your credit scores are. Having bad credit these days is not a crime and sometimes you will notice things on your credit report that are not necessarily yours. The credit bureau allows you to dispute items in question and this can help raise your scores. Having a bad credit mortgage is not the end of the world. Credit monitoring companies can also give you tips for raising your credit score. They might advise you to try to pay more than the minimum each month. Even a dollar more would show that you paid more and would be a good reflection on your score.
When speaking to a bad credit mortgage broker remember to ask for a good faith estimate. This will tell you the approximate costs involved with the mortgage. It will list what you will pay for and what the bank will cover. Getting a second refinance quote is always a good thing to do. Then you can compare the two good faith estimates side by side.
Always make sure that you know who the company is. Find out everything that you can about the refinance company where you will get your bad credit refinance loan. Maybe some friends or someone in your family has used or heard of a legitimate company. You want the best company to help you refinance your mortgage with you having bad credit.
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Sorry, above I should have said that the links for the AGSM and Credit Repair Australia go to the AGSM and Credit Repair Australia, respectively.
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Well done on credit card tips, especially utilization. At my members' site, I counsel over 500 people at a time….
…and not one knew HOW to manage credit cards.
Most people do NOT know:
1. 35% of FICO derives from paying bills (credit card debt as well) on time.
2. One – just one – 30 day LATE can hit a score for up to 90 points. Ouch….
3. HOW to remove late pays.
4. 30% of FICO derives from amount of revolving debt (that is, credit utilization as you mentioned).
5. HOW to use credit cards strategically – that is, do NOT fall for all the 10% off card offers. Are you aware every 3-5 "hard" credit inquiries slap your scores for 12-36 points? Did you know this?
I could go on, but this is enough. After more than 15 years helping people improve their credit so they can grab the keys to their new homes, I've discovered 8 Secrets To A 680 Credit Score!
Just a little credit knowledge goes a long ways. Unfortunately, too many "experts" pitch bad credit information.
Give me an example, you ask.
Okay, here's just one: People think there's a "magic" dispute letter template out there that magically removes bad credit. I receive calls and emails every day from people asking me for a "dispute letter." Hope this doesn't shock you, but NO credit repair dispute template letter exists!
THEY will sell you something THEY call "great dispute letter" template – but such a letter doesn't exist. NOPE…not at all!
Okay, so you throw your money away by buying into the hype/pitch about dispute template letters.
Oh, it's much worse than flushing your money away: I hear from people who fired off a bunch of dispute letters, only to get themselves SUED.
When you hear HOW and WHY this happens, you will understand.
When people really need to improve their credit so they can get something (that is, new home, new car, new job, new apartment, etc) they often buy in to the hype/pitching about "magic this, magic that."
They lose their money, drop their scores & (sometimes) get themselves SUED.
Wow, this turned out longer – much longer – than I had intended.
Thanks for helping to provide accurate credit information. With all the credit (dis)repair scammers out there, the Internet NEEDS people willing/able to provide accurate information.
Thanks,
Mike
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Bad credit refinance, I was contacted by someone who showed me how to repair my credit before I applied for my loan so I could get a lower interest rate, which I thought wasn't even possible. If you need similar help, you can find it on
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