Refinance Home With Bad Credit

Submitted by sara on Sat, 10/03/2009 - 17:20

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There is not way to refinance with bad credti

As you said you have bad situation due to current economic condition, then you cna sk for loan modification insted of refiancne

Since you cna show financial hardship thats good poitn for lenders to consider you for loan modification

Sun, 10/04/2009 - 01:31 Permalink

The short answer is, "improve your credit." To fix bad credit, and thus establish and maintain a good credit score, you must open, use, and timely pay credit accounts that regularly report to the three major credit bureaus (Equifax, Experian, and TransUnion). You should pay off open derogatory listings, and you should start making payments on other credit lines to reprove your credit worthiness.

Accounts that should help you build your credit rating by reporting positive payment information to the credit bureaus include auto loans, home mortgages, credit cards, and personal loans.

Consumers with negative credit listings, such delinquent accounts, must establish new positive credit lines to try to counterbalance the negative impact of their delinquent items.

Sun, 10/04/2009 - 12:51 Permalink

Inthis moraket, best option is to try forloanmodficiation than a refiancne

Probably it will be cheaper

Sun, 10/04/2009 - 18:05 Permalink

Hi Sara,

There are several lenders that provide mortgage loans even after you have bad credit. However, the interest rates in such types of loans are high, since you are considered a high risk option by the lenders. However, while drawing a refinance loan, be careful not to draw more than you require. There are some lenders who will give you more than you need. Once, you fall in this trap, you will have to repay throughout your life. Hence, beware of such lenders.

Mon, 10/05/2009 - 10:58 Permalink

To fix bad credit and improve your credit score. refinance is not good idea the best option is you go with loan modification. for improving your credit score the secured loan is very good option.

Fri, 05/14/2010 - 10:25 Permalink