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Bad Credit Mortgage Refinance – Lowest Rates Possible?

Posted on | October 21, 2009 | No Comments

Going through the bad credit mortgage refinance process is something that many Americans are going to do in the next several months.  Many of these home owners would like to know what the lowest rates possible are for them.  In all reality, the only way to know what mortgage interest rate you are going to get is to go through the mortgage application process.  If you know your credit score you can guess your mortgage rate but nothing is definite.

Currently we are seeing the 30 year fixed mortgage rate around 4.8% but that is for prime borrowers that would not be consider bad credit borrowers.  If your credit score is below 650 and you have seen a decrease in this score over the last few months you are going to find that your mortgage interest rate is much higher than the advertised 4.8%.

Once again, there is really no way to predict what your mortgage rate is going to be but with conventional mortgage rates as low as they are, it is likely that you will be able to save by going through the home refinance process.  If you feel that you can save one full percentage point on your mortgage rate then it would be worth it for you to go through the mortgage application process.

If you cannot save one full percentage point then the costs of the refinance process would outweigh the savings you would have on your mortgage rate.  You do not want to pay several hundred dollars in costs if you are only going to save a few dollars a month on your monthly mortgage payment.  If you can save several hundred dollars a month on the mortgage payment then you should go for it!

Recently President Obama created another mortgage plan to help keep mortgage rates low to assist the low to middle income families of America.  This is great news for all borrowers who have struggled through this recession.  President Obama continues to take the steps to keep mortgage rates low and offer all Americans a chance to own a home.

Please check out our unemployment forum where we encourage you to post comments below whether it be a strategy you used to get a job, possible tips or links to those who are unemployed or even a rant about your previous employer and how they laid you off.  Anything goes as long as there are no obscenities or direct insults to other posters.

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Author: Mike Garner

Category: Bad Credit Mortgage Refinance

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