Bad Credit Mortgage Refinance – Low Interest Rates in January 2010?
Posted on | December 16, 2009 | No Comments
Going through the bad credit mortgage refinance process is something that could save you a great amount of money in 2010. There is a very good chance that we could see low interest rates into January of 2010 as Pres. Obama continues to try to help the economy. There is little argument that Pres. Obama believes that low interest rates are one of the ways that the economy will recover.
If you currently have bad credit and you are looking to go through the mortgage refinance process there are options available for you. Make sure to do your research as there are many lenders out there who will help bad credit borrowers attempt to refinance their home loan to a lower interest rate. Just because you find a lender who is willing to help you do this please do not feel that you need to be devoted to that lender.
With the amount of competition out there that is willing to help bad credit borrowers you should be willing to walk away at any point. If you lock yourself into one lender you may find that you will not save as much money over the long run because the interest rate they give you is not competitive. Make sure to do a significant amount of research and see which lender will work best for you.
Currently we are seeing refinance rates around 4.75% on the 30 year fixed rate mortgage. Understand that these rates are for borrowers who are considered good credit borrowers. If you have a credit score under 650 and you do not have much equity in your home you will not get a mortgage interest rate this low. This does not mean that you will not benefit from the refinance process.
If you can save one full percentage point on your home loan rate then it would behoove you to go through the mortgage refinance process. The only way you’ll know what mortgage interest rate you will get is if you actually go through the application process. At this point you can better determine if you should complete the entire refinance.
Author: Jeremy North
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