The money you are paying today on your bad credit home loan reflects your credit scores at the time you took the loan. Your credit rating situation could have changed dramatically since then. Even if it has not improved much, you could still stand to save money. So, you may still want to consider refinancing your bad credit home loan.
Get Monthly Relief with Bad Credit Home Loan Refinancing
Lower interest rates and lower monthly payments are the benefits of a bad credit home loan refinancing. Well, your current credit scores will have an influence on how much you save. Seek a lender who is expert in dealing with those who have lower than usual credit scores if you know that yours are such. Of course, while any improvement in your scores could mean a reduction in your loan costs, you should be sure that your present scores will allow that to happen.
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Refinancing Should Result in Lower Payments, Lower Interest
A bad credit home loan refinancing project should result in lower interest rates as well as lower monthly payments. If your credit rating has not improved since you first signed your bad credit home loan, you do have an alternative. You could seek out refinancing that would extend the maturity of your mortgage and this would result in lower payments and allow more time to bring up your credit scores.
Credit Reports Often Do Not Reflect Reality
Before you go shopping for a lender who will refinance your loan, you should probably pull your own credit scores just so you have a good view of how potential lenders will see you financially. Your scores may be better than you think. You could use your improvement as leverage when you are negotiating interest rates. Another good reason to pull your reports is to check for inaccuracies.
You Probably Need to Go Shopping for the Best Lender
Perhaps, for whatever reason, you would rather not use your present bad credit home loan lender. Then you need to start shopping. Watch how many applications you have out there. The more times you apply for a loan, the more prospective lenders might see you as desperate and therefore a poor risk. Do not have more than one application in progress at a time. If you use a broker, you can get a number of bids by having your credit pulled only once. And it is a good idea to get four or five bids before you decide on a lender.
Know Your Lender Before You Sign Anything
Perhaps you have been with a certain bank or credit union for a long period of time. It is even better if you have retirement or investing accounts with them. That particular lender may be the best for the refinancing of your bad credit home loan. If you were a good performer on your present loan, they may be even more eager to lend to you than lenders. They may even offer you better than average rates and terms. If you do seek another lender, check their reputation with the Better Business Bureau, online personal finance forums or even friends, family and colleagues.
Flinch on the First Quote
Your credit score is not the only consideration the lender will have when offering you a bid. Your lender may ask for specifics regarding your employment. The lender may be more attuned to learning more about your job stability and your prospects for a raise. Never jump at the first lender who offers you a bid. Get others. And never jump at the first quote offered by any lender. Flinch when they bid. Say something like: Well, I'm not sure. I will need to think about that. This often results in a better offer. Flinching could be a powerful negotiating tool.
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