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Bad Credit Home Mortgage Rates – Can I Refinance Today?

Posted on | October 15, 2009 | 2 Comments

Bad credit home mortgage rates are becoming more and more popular as home owners are seeing their credit score decline.  Many of these bad credit home owners would like to know if they can refinance their home mortgage today when conventional mortgage rates are very close to an all time low.  For almost a month now we have seen the 30 year fixed rate mortgage remain under 5% so now would be as good of a time as ever to refinance.

The problem with refinancing with bad credit is that your mortgage rate is not going to be the mortgage rate you see advertised all over the Internet and television.  Some ads are advertising mortgage rates as low as 4.4%.  If you are considered a bad credit borrower there is no way you will have access to these type of rates.  With that being said, that does not mean that you should not consider a home refinance.

If you stand to gain at least one full percentage point on your home mortgage it is worthwhile to go through the home refinance process.  If your current rate is at 8.75% and you can refinance to anything below 7.75% you will save money by going through this process.  There will be costs and fees for the refinance process so if you are not saving a full percentage point you could be throwing away well earned money.

Do not think that just because you are a bad credit borrower that there is no help out there for you.  There are many mortgage lenders who specialize in bad credit mortgages.  By doing your research you are likely to find many of these lenders in your area.  You will also be surprised at how much information that is available online.

The mortgage market is quite competitive right now as all lenders are looking to get your business.  Use this to your advantage by contacting several lenders and seeing what they can offer you.  You will never get a definite answer as to what your mortgage rate you will be until you go through the mortgage application process.  Use the resources you have readily available to you and find the lender that best suits your needs.

Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below. We offer information on everything from getting a lower mortgage rate to increasing your credit score.

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Author: Tiffany Mann

Category: Bad Credit Mortgage Refinance

Comments

2 Responses to “Bad Credit Home Mortgage Rates – Can I Refinance Today?”

  1. Bad Credit Home Mortgage Rates – Can I Refinance Today? (Latest Update) | Kantaas.Com
    October 15th, 2009 @ 4:57 pm

    [...] Bad Credit Home Mortgage Rates – Can I Refinance Today? [...]

  2. The Financial Suite » Bad Credit Home Mortgage Rates – Can I Refinance Today?
    October 16th, 2009 @ 3:45 pm

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