Finance related articles

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You have probably seen all the TV and Internet offers that advertise mortgage refinancing for borrowers with bad credit. While they may claim to overlook bad credit, many of those products also come with substantial fees and high interest rates. To avoid being scammed, do your mortgage refinancing with a reputable lender and read all the fine print. Remember that your credit and your mortgage can significantly impact each other. If your credit is very weak, you may need to work on improving it before you can refinance your mortgage loan. If you have been making regular payments on your original mortgage, that will help increase your chances for mortgage refinancing. Your credit report will likely display any payments that are over 30 days late - although some mortgage lenders will grant a 15-day grace period beyond that. If you refinance using the same lender that issued your original mortgage, having a good payment history with them will work in your favor. If you choose to do mortgage refinancing through a different lender, having a good track record on your original loan can help outweigh bad credit from other debts. After all, one of the most popular reasons for mortgage refinancing is debt consolidation, which basically means taking out a new loan to pay off other debts. Thus, mortgage refinancing could be a step in the right direction for paying down debt and improving your relationship with creditors. There are also options for those with diminished income who are considering mortgage refinancing because they need a lower interest rate, but who have not been able to make regular payments on their original loan. Some borrowers may be able to refinance to a lower mortgage rate and/or longer term length; others may qualify for a government-backed refinancing program (e.g., HARP). Just remember that mortgage refinancing for a longer loan term (e.g., switching from a 15-year to a 30-year fixed mortgage) will mean you're paying more interest overall. If you are facing the risk of foreclosure, it might be possible to save your home with mortgage refinancing. Borrowers who qualify under the HOPE for Homeowners Act (2008) may be able to refinance their adjustable-rate mortgage to a 30-year fixed mortgage, insured by the Federal Housing Administration (FHA). Note that your lender must agree to participate in this mortgage refinancing program, and may opt to foreclose instead. Finally, don't forego the opportunity to speak directly with the mortgage lender to explain your bad credit score, especially if it's the result of financial misfortune or unforeseen circumstances. You will also need to show that you're making an effort to improve your finances. Even if they offer you mortgage refinancing at a slightly higher interest rate, it may still be worthwhile if you can save some money or make your monthly payments more affordable. less

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