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Bad Credit Home Loans – Low Refinance Rates in December 2009

Posted on | November 29, 2009 | 1 Comment

Bad credit home loans have been plaguing many homeowners over the last few years. Many bad credit borrowers want to refinance at a lower interest rate so they can reduce their monthly mortgage payments. Luckily for these borrowers is very likely that we are going to see low refinance rates in December of 2009. Mortgage interest rates are at all-time lows and have a strong possibility to move lower.

The 30 year fixed mortgage rate is currently at 4.55% which is below the weekly all-time low of 4.61% was set back in March of 2009. It will be interesting to see if the mainstream media releases this data in the month of December which should increase the number of refinance applications.

If you have a bad credit home loan that you think you can refinance to a lower interest rate would greatly behoove you to take advantage of the current low interest rate environment. If your credit score has increased over the last few months and you have made all your mortgage payments you are likely to find that a lower interest rate is available for you.

There are many lenders out there who are more than willing to help you get a lower mortgage interest rate on your current home loan. Presently doing some google research are likely to find that there are many lenders out there who are advertising mortgage rates under 5%. While not all borrowers can benefit by refinancing under 5% there still a good chance you could refinance to a lower interest rate than you have now.

Make sure to do a significant amount of research before deciding on which option is best for you. If you can save a full percentage point by refinancing that it would be a very good idea to do so. The refinance costs often do not outweigh a monthly savings of saving a percentage point on your mortgage.

If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail.  The blog is an account of the journey to find peace of mind and happiness in today’s society.

Author: Tiffany Mann

Category: Bad Credit Home Loans

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One Response to “Bad Credit Home Loans – Low Refinance Rates in December 2009”

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    November 30th, 2009 @ 10:58 pm

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