|Bad Credit Refinance
Bad credit mortgage refinance- How feasible is this?
The benefits of mortgage refinance cannot be undermined. There are many reasons of mortgage refinancing, enjoying better rates being one of the prime ones.
But is bad credit mortgage refinance possible? The answer is yes. It is not important to know whether you qualify for a mortgage refinance with bad credit or not. What matters is even if you are allowed to refinance your mortgage with bad credit, will it be worthwhile?
- It is a well known fact that lower credit scores mean higher interest rates and vice versa. In fact as of August 14th 2009, with a credit score of 660, you could avail 5.5% on fixed-rate mortgage for 30 years loan term. But it has been observed that if the credit score nosedives below 660, you will have a tough time getting a good deal.
So, getting bad credit mortgage refinance isn't difficult but you may have to weigh the benefits and find out if it serves your purpose. There are many reasons why borrowers opt for mortgage refinancing. It may be to get access to some extra cash. This is referred to as cash-out refinancing, where you can free up any equity that is left in your property.
The proceeds of the same can be used for meeting different financial obligations. If you are currently making payments according to very high interest rate and the mortgage rates in the market have dropped, you can opt for mortgage refinancing if you find that it will reduce the current interest rate by few points. However, in your quest for bad credit mortgage refinance, it is important that you look around for a good lender that will agree to refinance your mortgage if not on very good terms but it should be of some benefit to you at least. It is not unknown that the lending norms have become very stringent.
So, you will have to really do a bit of homework before you can finally settle for a deal that will not make you regret later. Contact me today if you have any questions on this or other Kirkland or Bothell Homes.
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