How to Refinance My Home Loan Even with Bad Credit


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. 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. 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

The content is accurate at the time of publication and is subject to change.

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: Winter 2019 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Winter 2019 – Expert’s Choice

Posted: December 17, 2018

Nights are still drawing out, the wind is cold, and the air smells like snow already – the winter is close. Christmas and holiday season are approaching swiftly, and overwhelming gift ideas are swirling chaotically in your mind. Ready or… Continue reading

Credit Card Tips For Holiday Shopping 2018

Credit Card Tips For Holiday Shopping 2018

Posted: December 15, 2018

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household… Continue reading

Credit Cards to Save More on Holiday Shopping

Credit Cards to Save More on Holiday Shopping

Posted: November 25, 2018

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door… 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!