Bad Credit Mortgage Refinance – Save Money on Fixed Refinance Rates Below 4.85%
Posted on | January 27, 2010 | No Comments
By completing the bad credit mortgage refinance process you could end up saving a significant amount of money in 2010. At the present time the 30 year fixed refinance rate is below 4.85%. It is important to understand that not everyone will have access to a mortgage interest rate this low. You will need a significant amount of equity in your home and a very good credit score to get a rate this attractive.
If you have a significant amount of equity in your home and a credit score above 740 you should find very little difficulty getting a refinance rate around 4.85%. If the opposite is true and you have a little equity in your home and a credit score well below 740 you are going to have to accept that your mortgage interest rate will be higher.
Even if you cannot lock into a mortgage rate at 4.85% it doesn’t mean that refinancing is not right for you. If you can save one full percentage point on your home loan rate then refinancing is a good decision. By saving this one full percentage point you are not only going to cover the closing costs but you will also see a significant amount of savings in the near future.
Many homeowners are finding that they are saving hundreds of dollars a month on their mortgage payments by refinancing today. The amount of money you save is going to be greatly determined by your unique financial situation. Once again, if you can save that full percentage point then you should consider refinancing today as it will save you money.
Author: Alan Lake
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