For those people out there who believe that having a low credit score rules out being able to answer the question, “Can I refinance my mortgage with bad credit?” in a positive manner, think again.
Pittsfield, MA -- (SBWIRE) -- 08/01/2013 -- Refinance mortgage with bad credit score t can be done, and Real-estate-yogi.com is here to offer its experience with this process, including:
- Denied – Again
- Repair Damaged Credit Scores
- Check the Credit Reports
- Adding Insult to Injury
Reasons for Repeated Denials
When one looks into responses for “Can I refinance a mortgage with bad credit?” he should be sure to ask a lender why he’s been refused loans recently applied for. Some answers may be overextended credit cards, inability to repay previous loans, or having filed for bankruptcy. Other explanations include having past-due taxes and having collection agencies after one for non-payment of various accounts. All of these are “red flags” on one’s credit reports
Refinancing Your Mortgage With Bad Credit, Get Approved Online!!
Fix “Broken” Credit
A person who asks a lender to “refinance my mortgage with bad credit” may need to repair his credit rating first. Some methods to do this include paying credit card accounts on time and in full and tossing in an extra $15 to $20 a month to credit accounts. Also, toss any offers for new credit cards into the shredder. Don’t open them, don’t have someone else open them on one’s behalf, just shred them and be done with them.
Go Over Credit Reports
Someone searching for a refinance mortgage for bad credit should look over his credit reports carefully to spot mistakes. In roughly 20% of cases, there are errors on these reports; taking a little time to go over them can make a difference in one’s credit standing. If there are any fraudulent, inaccurate, or simply wrong items on the reports, dispute them in writing to the credit reporting bureaus.
Don’t Rub Salt in the Credit Wounds
One who’s trying to get a financer to say “yes” to “Can I refinance my mortgage with bad credit?” can repair his poor credit and be approved for the necessary refinance. However, there are some things he needs to avoid in order not to further damage his credit. One is not to close an account in hopes of having it removed from one’s credit reports. Another is not to open more credit accounts than one can afford. Just be sensible about credit and one will be fine.
About Real-Estate-Yogi.com
www.real-estate-yogi.com is a highly respected, cost-free website whose goal is to give quick, correct replies to the property financing inquiries of its consumers. To get a complimentary preliminary consultation, dial 1-800-987-1397.