Read Helpful Info About You Can Still Refinance Your Mortgage Even If You Have Bad Credit
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Even if you have bad credit mortgage refinance is still very possible for you.Just because you have bad credit doesn’t mean you can’t take advantage of the low interest rates we are currently experiencing. It may be a little harder for you now, but it will pay off in lowering your monthly costs and improving your credit too.
Mortgage companies are throwing money at anybody these days. It is going to take some work on your part to make sure your credit report is correct, but you can do it and it will help in the long run.
First you may be able to improve your credit score. The simplest way is to get your credit report and your FICO score. Armed with your FICO score, you will know if the lender is lying to you and saying you don’t qualify for a better interest rate.
Next go over your credit report. You would be surprised how many times there are errors and omissions on a credit report. The reporting companies may state you have open credit card balances when you closed them long ago. Go over it very carefully and make sure your report is accurate.
Do not open any more store charge cards. Yes I know you will get 10% off if you do, but by opening still another card, this hurts your overall credit score. Besides that if you have too many credit inquiries, that also dings your credit score. What is credit inquires? That is when you apply for credit somewhere and that will lead to an inquiry of your credit history. If a credit reporting company sees too many inquires in a short time frame, they lower your credit score.
Do not close any credit card accounts. Yes it may help you get your credit card spending under control, but having a card for a long time helps your credit score. If you close it, that shortens your credit history and hurts your score. So take those cards, but them in a safe deposit box and have friends hold them, but do not close them.
Pay down credit balances. It’s important to show mortgage lenders you are not maxed out on credit. You should generally try to keep your debt to available credit with your cards to fewer than 33%. So if your credit limit on your card is $6,000, do not have more than $2,000 borrowed against it. Once again you are trying to make your credit look good for the lender.
These are just a few tips to help you refinance your mortgage despite having bad credit
About the Author
Mike Ford has been writing about real estate for over 20 years. You can read more at bad credit mortgage refinance. Learn where to get a bad credit mortgage loan now.
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