As interest rates are low at the moment, you may wish to refinance the mortgage on your home to take advantage of them. You may have run into financial problems and need to consolidate your debts so that you pay a lower rate of interest as well as just paying one bill instead of several you have to pay separately at the moment.
Bad credit refinance is certainly an option for you to consider, and the first step towards applying for a bad credit refinance mortgage is to sit down and work out your monthly payments for your credit card bills, your household bills and any other bills. Work out how much you need and then do some research to get the best bad credit refinance mortgage that you can obtain.
If you have your mortgage for a number of years and regularly pay your bills on time, then your credit score may not be as bad as it used to be, if you took out a bad credit mortgage. You need to check your FICO (Fair Isaac Corporation) score which will cost around $10. You should also get a free copy of your consumer credit report, which may contain one or more errors that you can fix, thus increasing your credit score. The FICO score is used by most lenders to discover where potential borrowers stand financially. Forewarned is forearmed as they say, and knowing what your score is will enable you to assess how much you can reasonably expect to borrow and how much the interest rates should be on the new mortgage. You can request free copies of credit reports from AnnualCreditReport.com.
You may have more home equity in your property than you imagine which is good, as property prices have risen a lot in the past few years, and the equity you have in your property is calculated on the current market value and so is your bad credit refinance deal. The down payment you receive from your bad credit refinance company could help decrease your credit card debt substantially or allow you to purchase an expensive item that you really need. Don't however fall into the debt trap and use the money to buy a luxury item that isn't absolutely necessary.
Getting bad credit refinancing is not impossible, but when you find a lender willing to refinance, check the fine print extremely carefully and preferably pay a real estate attorney to go over the terms and conditions for you, as you could save thousands of dollars in the long-term by paying a professional a couple of hundred dollars before signing on any dotted line.
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