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How to Refinance Mortgage with Bad Credit No matter how you whacked your credit record and what the reasons for this were, the bottom line is that this makes borrowing

Contents Introduction…….......................……......1 Find out about the Costs...................2

harder and more expensive. This does not

Plan Properly.……...........................…..2

mean that lenders are disinterested in your

Investigate the Lenders......................2

business though. In fact, some specialize in high risk lending because they make more money out of interest. This levels the playing field for mortgage refinancing at your end.

Negotiate Terms..................................3 Conclusion...........................................3


2

Find out about the Costs Some banks are excellent at charging for every detail, and sometimes this is hiding in the small print. In most cases, a refinancing mortgage is tantamount to a whole new deal, and you will be paying start-up and administration fees again. Ask questions, and get answers in writing from lenders too.

Plan Properly Get your affairs in order as best you can. Obtain copies of your credit records with bureaus like FICO, Equifax, TransUnion and Experian. Pay off any small debts that you can afford, and agree repayment plans with all your other bad-debtors. You will be amazed at how easy it can be to polish up your record.

Investigate the Lenders Hop onto the internet and Google for strings like “bad debt+credit record+refinance”. Draw up a short list of lenders with offices in your town, and start making applications. The shotgun approach is best here – you will get rejections, but eventually you will find the lender you are looking for.


3 Negotiate Terms Borrowers are relatively scarce right now and financial institutions have funds they need to lend. Just because your credit record has a dent or two is no reason to hang your head down low either. Do not accept the scraps.

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How to Refinance Mortgage with Bad Credit