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Can You Refinance With a Bad Credit Score?
By Jeremy Cinada
Refinancing with a bad credit score is entirely possible provided some guide lines are followed carefully. Bad credit is not something that is permanent, and can be overcome albeit with some hard work. By refinancing one bad credit mortgage with another, is one way of ensuring the debt does not become insurmountable. If you have not been paying your mortgage payments, initially your credit score plunges, and you may also face foreclosure. This can be avoided if the mortgage is refinanced. However, most lenders do not like the idea of refinancing when the credit scores are low. Therefore, some other options may have to be resorted to. There are mortgage advisers who can help to choose between different options available. However, mortgage advisers will charge for their advice. Another place where suitable advice may be available is with mortgage brokers. If you have the confidence of recovering your finances within the next year, one of the options could be refinancing with an interest only plan. With this option, you are not required to pay back only the interest for a one year period and not the principal amount. From the next year onwards, you will be required to pay both. This plan should be taken up only if the financial recovery is a certainty. There are financial companies that will finance a mortgage irrespective of what the credit score says. However, in a bad credit score situation, presence of cash helps matters. Making a down payment of around 25%, the lender will feel more secure in giving you a refinancing loan. While looking for a loan to refinance your mortgage, there are some precautions that need to be followed. Make sure the information that you provide regarding your credit score is accurate and complete. It is advisable to look around and compare different options, to choose the most suitable. As with any other field, there will be disreputable lenders and brokers, and one must be extremely cautious.
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http://greatcreditscore.org/late-payments/utility-bills-affect-your-credit/
| http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
| http://www.credit.maine.gov
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This intel was contributed by jack080
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May, 2012
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