Pittsfield, MA -- (SBWIRE) -- 05/07/2013 -- Real-estate-yogi.com wants to show that home loan refinance with bad credit is possible by offering some insight on the subject, such as:
- Think Ahead
- Federal Housing Authority Assistance
- Local Lender Input
- High-Risk Financers
Plan before Requesting Refinance
Before applying for a bad credit refinance home loan, do some credit clean-up. Having a low credit score influences the interest rate a person can get; if he does some credit repair, he’ll get a better rate than if he doesn’t. One way he can accomplish this is to get and go over his credit reports and dispute any erroneous items on them. Another option is to pay off as many debts as possible. Every balance paid raises one’s credit score, so go ahead and repay some debts.
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The Federal Housing Authority can also help refinance a home mortgage with bad credit. Loans offered by the FHA are insured by the federal government, which makes them easier to obtain, even if someone has bad credit. Despite having filed for bankruptcy and having collection agents after one, he may still be able to qualify for this help. Working with the FHA can also save thousands of dollars in closing costs and interest, so give it a shot. A person can apply through any FHA-approved lender or online.
Check local lenders to Refinance a Home Loan With Bad Credit, particularly if one of them is the original lender of the mortgage. Many times, this is the only circumstance under which a lender will agree to such a refinance request. If that financer won’t or can’t help, go to others in the area. As long as one’s credit score isn’t under 640, one of them is likely to agree to refinance the mortgage loan. If the score is lower than that, it may be time to check out alternative lenders.
A final source of home loan refinance with bad credit is sub-prime lenders. These financers are in business only to help out people whose credit is damaged. They can access different funding resources than traditional lenders, which makes it easier for them to finance a bad credit refinance. The drawback to this type of lender is that one will have to accept a higher interest rate than with a different financer.
Real-estate-yogi.com is a well-respected website whose purpose is to bring together people who have questions about property and the experts in the realty field who can provide answers – at no cost. For a free consultation, dial 800-987-1397.