How Do You Refinance A Home With Less Than Perfect Credit?
Your home is typically your largest asset. Making sure your mortgage is at the lowest rate with the best repayment terms sometimes requires a refinance. If you’re credit isn’t in tip-top shape, you may need to get creative before lenders consider your loan request. Consider taking a few steps to obtain a home mortgage refinance if you have less-than-perfect credit. Inquire about a refinance with the company that holds your mortgage. If you have substandard credit, it is often easier to qualify with your existing lender, and you’ll likely incur lower or no fees. If there are fees, try to pay them out-of-pocket instead of rolling them into your new mortgage. Consider your local bank, where you are well-known customer. Good character goes a long way. Your lender also may be more lenient in granting you credit, especially since your refinance would be a fully collateralized loan. For added security, you might be required to have your mortgage payments automatically deducted from your check
