Bad Credit Mortgage Refinance Options

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Bad Credit Mortgage Refinance Options
Bad credit mortgage refinance options can help you refinance your current mortgage even if your credit is less than great. If interest rates have dropped since you took out your original mortgage, or if you originally opted for a higher interest mortgage because of difficulties qualifying for a conventional mortgage, it's worth taking a look at the option to refinance your current mortgage at a lower rate. If you have bad credit, mortgage refinance options may be limited - but they won't be non-existent.

How is a bad credit mortgage refinance loan different from a conventional mortgage refinance loan?

Generally, the biggest difference between a mortgage refinance loan designed for someone with bad credit and a conventional mortgage refinance is the interest rate. You can expect to pay anywhere from 2% to 3% higher interest for a bad credit mortgage refinance. Besides the higher interest rates, you may also find yourself paying higher fees for a mortgage transfer or higher points on the loan.

If it costs more to take out a bad credit mortgage refinance, why would you do it?

Obviously, if a person has the option to get a mortgage refinance at conventional rates, a bad credit mortgage refinance isn't a very attractive option. But the interest rate on even a bad credit mortgage refinance is often lower than the rate that you're paying on your mortgage and other loans now.

People typically seek a bad credit mortgage refinance for all the same reasons that they seek a conventional mortgage refinance:

Bad credit refinance to consolidate bills

You may be looking to refinance your current mortgage with a cash out option if you've got some equity invested in your home. This is a common reason for refinancing a mortgage. By refinancing your home to put cash from equity into your pocket, you can pay off your 21% APR credit card bills with a 12% bad credit mortgage refinance loan. By spreading the payments out over the thirty year life of a mortgage refinance, you lower your monthly payments considerably.

Bad credit mortgage refinance to get a lower mortgage rate

Many people opted for a sub prime mortgage rate as their only option to get into a home of their own. A few years own the road, they may qualify for a lower interest rate - though still not quite prime rates. A bad credit refinance mortgage that's 2-3% below what they're currently paying for their mortgage represents a significant monthly savings - which can help them repair their credit even further.

Many lenders who offer bad credit mortgage refinance loans understand that it takes time to rebuild and repair credit. They're willing to take a risk by lending you money secured by the equity in your house and bet that you'd rather pay them back then lose your home. Because their risk is greater - and your options are fewer - a bad credit refinance mortgage may be the best option you have to get the money you need.

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