Refinancing Your Home With Damaged Credit
Refinancing Basics
If you have poor credit, then it is important to understand the basics of refinancing a home. Just because you may be bombarded with refinance offers from other lenders, it does not mean that refinancing may be in your best interest. It is important to evaluate the costs of refinancing verses your actual monthly savings. The rule of thumb is that unless your monthly savings are significant and that the debts being paid off are sensible, you may be in a better position to stay with the mortgage you have.
Evaluate Your Refinancing Optioins
If after your analysis, you still believe refinancing is the most beneficial step for you, then you need to evaluate the different refinance options that are available to you. Someone with damaged credit typically will have to pay a higher interest rate than someone with perfect credit. It is important to compare not just the interest rates of the loan, but the total cost of the loan as well. Lenders fees vary greatly. When reviewing your different options, insist on a Good Faith Estimate that lists specific charges and not a range of costs for each of them. This will allow you to compare different lender costs, while you are determining which loan is best for you.
Check Out Lenders Specializing in Poor Credit
There are also lists of refinance lenders that specialize in assisting people with poor credit in finding the best refinance package that fits their specific needs.
Even if you have damaged credit, refinancing can be beneficial. However, shopping for the best rate and loan will only be advantageous for you in the end. Damaged or poor credit does not have to deter you from allowing refinancing to be an option for you.
Related Tags: bad credit, mortgage refinance, home refinance
Recommended Mortgage Refinance Lenders For Borrowers With Damaged Credit - We maintain a list of recommended mortgage companies online and update the list regularly.
Damaged Credit? Here Are 50 Ways to Raise Your Credit Score- Read this article to learn 50 things you can do to increase your credit score.
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