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Bad Credit Mortgage Refinance – Poor Credit and a Low Mortgage Rate?

Posted on | November 13, 2009 | No Comments

The bad credit mortgage refinance process is not the easiest financial process you go through in your lifetime. If you have bad credit you probably know how difficult it is to work with lenders and loan officers. Especially after the credit crisis you are going to find in dealing with any type of money is something that is not easy for bad credit borrowers.

This does not mean you should not attempt to refinance your current home loan. President Obama has urged all lenders to help borrowers no matter what their credit scores. This does not mean that you will be able to get a mortgage rate under 5% if you have a credit score under 650. What it does mean is that you should be able to refinance to a reasonable mortgage rate.

If you have been thinking about refinancing but have been worried about the issue of bad credit now is the time to get off the couch and take action. If you continue to wait you may find that mortgage lenders may make their lending process is tighter and mortgage rates may increase in the near future. Mortgage interest rates are very close to historical lows now so get out there and see what rate you can get.

Ultimately, having bad credit will greatly hinder your ability to get a low mortgage rate. As stated earlier, this does not mean that you cannot save by refinancing your home loan. If you stand to benefit by refinancing a full percentage point below your current mortgage rate there is no reason that you shouldn’t go through this process. The full percentage point will cover all refinancing costs and will help you save money in the near future.

With Pres. Obama working hard to keep interest rates low there is no reason you should not get out there and take advantage of this opportunity. Mortgage rates may never be this low again in your lifetime. If you miss out now you might be looking at 6% or 7% mortgage rates for prime borrowers which would be mortgage rates and that tens for bad credit borrowers.

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Author: Tiffany Mann

Category: Bad Credit Mortgage Refinance

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