Question:

Is it possible to refinance mortgage with poor credit?

Answer:

Well, yes, it is.

However, to refinance mortgage with poor credit means that you will be looking for a sub prime mortgage loan and there is no point refinancing out of a bad mortgage just to get into another poor credit mortgage. However, if you simply need to refinance with cash-out and have poor credit, yes, there are lenders who will do that. They will be really happy to give you a high rate loan, especially in the case you've built significant equity.

If your credit is really poor, try improving it first before you refinance.

A mortgage refinance with poor credit is possible but highly unlikely to get you any closer to a better rate. The only reason you should ever consider refinancing mortgage with poor credit is as an interim financing possibility while waiting funds from other sources to kick in.

Try debt settlement to refinance mortgage with poor credit. Debt settlement will help you refinance your mortgage combining other (possibly reduced) debts towards the mortgage payment. Actually, enrolling into a debt relief program may be your best shot to refinance mortgage with poor credit.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: