Question:

Who can do refinancing mortgage with bad credit?

Answer:

Your existing mortgage is probably carrying higher than market rates if you took it with a bad credit score and you are probably looking for refinancing mortgage with bad credit. If this is the case, you should locate lenders who specialize in refinancing bad credit mortgages.

If you are a homeowner with significant equity in your home, many lenders might be able to offer you refinancing for a bad credit mortgage, even if your score is still bad. How you make the choice, though?

You should be seeking lenders who can offer to lower your payments and lower your interest rate. Also, refinancing does not mean you should take cash when closing. Rather, choose the quote that makes the least use of your equity unless you have an idea to refinance with cash-out and make a well-thought of investment. It doesn't make sense to refinance into higher rates, nor exhaust your equity without particular need.

And since refinancing mortgage with bad credit, or even with the best credit costs as much in fees as a new loan, you should calculate if this is a winner situation in the long run.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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