Is there such a loan mortgage to refinance a home with people with bad credit?

Question : Is there such a loan mortgage to refinance a home with people with bad credit?
intrest rate went up but having difficulty making payments and lowering my credit score
bad credit home loan refinance

Best answer:

Answer by Silentrage
there are companies that do this, but you will pay alot. I am trying to get a home equity loan but my credit is horrible.

Currently I am working on getting my credit score higher so I can get that loan.

I can get one now but I will pay 18% interest and thats no good.

This entry was posted by admin on September 9, 2010 at 8:15 am, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (4)
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#1 written by honestmortgageguy24 1 year ago

You need to talk to someone in the mortgage industry immediately. FHA will probably be your best bet if you haven’t been late beyond 30 days on the mortgage. If you have and there is a good enough reason, then you may be able to write a letter of explanation and still have it refinanced. Ask friends and family about their recent mortgage experiences and asked them to refer you to someone if they had a good experience. There’s a lot people in the industry looking to take advantage of people just like you.. So be careful.

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#2 written by stephen l 1 year ago

I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .

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#3 written by Me2 Me2 1 year ago

It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM’s that are about to explode on them.

There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.

Best wishes!

Me2Me2Me3@yahoo.com

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#4 written by Shar 1 year ago

It depends how bad your credit is. Everyone is really tightening up on lending. My best advise to you is to do whatever it takes to make your mortgage payments on time, the more you are late the harder it will be to get another loan and eventually impossible and you will end up losing your home.

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