If you have poor credit and are looking to refinance your home, you should know that it is not impossible. There are many lenders such as specialty bad credit mortgage brokers and bad credit mortgage loans that you could qualify for.
Bad Credit Mortgage Refinance
Mortgage companies are hesitant to give mortgages or refinance loans for people with bad credit. To assist with this situation, there are bad credit mortgage lenders and bad credit mortgage brokers.
Bad Credit Specialists
The bad credit mortgage lender is there to help someone get a borrower’s loan approved even if they have poor credit. Unfortunately, the loan you get will carry a higher interest rate and have higher closing fees then someone with better credit. Often these bad credit home mortgage loans will carry a pre-payment penalty that will last for anywhere from 6 months to 3 years and mean huge sums of interest for at least 6 months before you can pay the loan off.
A bad credit mortgage broker is a middle man, much like a normal mortgage broker. This person will be able to find the best bad credit mortgage lender to facilitate refinancing or purchasing a home.
Bad credit mortgage refinancing on a bad credit mortgage loan can still save the borrower hundreds, if not thousands, of dollars in the long run and term of a loan. This is money that during financially trying times can virtually give families enough money to live life better than before.
Source
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment