Many people throughout the country are looking for answers to how to refinance a mortgage with bad credit.
Pittsfield, MA -- (SBWIRE) -- 06/19/2013 -- Real-estate-yogi.com has heard this query and is here to share its wisdom about refinance mortgage with bad credit, including:
- High Risk Financers
- Alternate Lenders
- FHA Help
“Guaranteed Approval” Lenders
When someone is searching to refinance his mortgage with bad credit, he may start by checking with “guaranteed approval” financers, otherwise known as high-risk lenders. There’s nothing inherently wrong with these providers; however, if they can absolutely finance anyone, that person had best expect extremely high interest rates. This is part of why these lenders offer to approve anyone; they make a lot of profit from these loans. If one chooses to go through this type of lender, just be wary of scams.
Get Refinance Mortgage With Bad Credit At Affordable Monthly Payments!!
Refinancing a mortgage with bad credit is not as difficult as one might think. There are online lenders who are willing to work with a person whose credit is damaged. The problem is that there are so many of them. It’s hard to decide which one to go with when faced with such a large number to choose from. To help with this issue, take some time to check and compare interest rates and loan terms. These lenders will vie for one’s custom; be choosy to get the best possible deal.
Assistance from the FHA
The Federal Housing Authority, an off-shoot of HUD, has help available for those seeking to refinance their mortgage with a bad credit score. There is the FHA Streamline refinance, which can be done regardless of poor credit if the original mortgage is FHA-insured. There is no possibility of cash back with the Streamline mortgage. However, there are other options. One such choice is the Rate & Term refinance, specifically designed for those with poor credit, in which both the interest rate and terms of one’s mortgage are reduced.
The government offers another choice aside from FHA help to address how to refinance a mortgage with bad credit. It’s called HARP, and it means Home Affordable Refinance Program. This program is meant for those whose original mortgages are serviced or owned by Fannie Mae or Freddie Mac. The mortgage must be current and in good standing – no missed payments – in order to qualify for this alternative. Apply with any participating lender.
www.real-estate-yogi.com is a hard-working, cost-free website located in Pittsfield, Massachusetts whose goal is to reply to the inquiries of its consumers regarding property and financing it by accessing the thousands of experts in these fields who can do so accurately. To obtain a free consultation, dial 1-800-987-1397.