How to Refinance My Home Loan Even with Bad Credit

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » How to Refinance My Home Loan Even with Bad Credit

How to Refinance My Home Loan Even with Bad Credit


Updated: December 26, 2012

It is indeed possible to refinance your home loan even with bad credit. There are many banks and lenders that offer this. You do not have to burden yourself too much. Yes, you do not have to worry about having bad credit. But what is the difference between a regular refinance loan and a bad credit refinance loan? Well, obviously you have to pay a higher interest rate when you refinance a loan with bad credit than the regular refinance loan. It is practically normal. It usually ranges from two to six percent, depending on your credit rating.

However, there is a remedy to this. You just have to make sure to always pay on time for two years and take extra effort to enhance your credit rating when you refinance loan with bad credit. You would eventually be able to get an interest rate lower than you expected. Aside from getting bad credit credit cards, refinancing your loan with bad credit is another way to have a good credit rating. credit cards for people with bad credit could also improve one's credit score.

You might have a lot of questions in your mind tangling, like when and how to refinance your loan even with bad credit and why you should take this step.

If you still have a record of high balances on one or more credit cards with such a high interest rate or any other debt, refinancing a loan with bad credit could be used to consolidate your bills. This kind of loan is spread out for a period of about fifteen to thirty years. But the monthly payment for this loan is lower than your individual monthly debt payments.

This loan also lowers your mortgage rate. If you had a mortgage after filing bankruptcy few years ago, do not be surprised that the interest on refinancing a loan with bad credit is very high. However, you could improve your credit rating and get a new loan to acquire and pay for an interest rate lower than what you think. When you pay thirteen percent interest, a ten percent interest rate would somehow help to pay lower monthly payments.

With the world market declining, try to contact a reliable and trustworthy professional who could help you with refinancing your loan with bad credit and for you to determine the right option to take.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Posted: February 12, 2018

Days are getting longer, snow is melting and you already feel the lightest breath of warm breeze on your face - spring is here. Summer holidays are looming, and so is Easter with its shopping. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!