One of the myths floating around today amongst consumers is the misconception that you can't refinance your home if you have bad credit. Home loan refinance is far from impossible even with poor credit.
There are many legitimate mortgage lenders who specialize in bad credit loans.
Keep this in mind if you, like thousands of other homeowners are nearing the end of an ARM.
Bad or good credit, you will be faced with a decision as to what type of financing you should lock into if you want to keep living in your current house.
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If you have poor credit why not consider another ARM?
The fact is that most times in a bad credit home loan refinance situation you will qualify for a 3-5 year ARM at a lower rate than a 30 year fixed mortgage, which could easily increase your payments by hundreds of dollars per month.
It may be the best solution if your credit is bad because you'll need a loan that fits into your monthly budget. Overall, you will be paying more in interest over the lifetime of the loan, but is that really the primary concern at this point in your life?
Being realistic and flexible to your borrowing options is critical if you have bad credit and are considering refinance.
More than likely your priority is to keep living in your home and not deviate too much from your current lifestyle.
If your credit is mildly damaged the 3-5 year ARM period will give you extra time to 'fix' your credit score. Your goal should be at least 700 credit score, which is very possible to achieve if you follow a simple plan to fix your bad credit. Home loan refinance will be much easier with better interest rate options when your credit history is good for 3-5 years.
ALSO - don't be afraid to apply with multiple mortgage lenders if you are a bad credit home loan refinance candidate. inquiries within a 45 day period of ongoing mortgage shopping are treated as ONE occurrence, therefore the effect on your credit score is minimal - less than 5 points.
So don't fear your pending ARM adjustment, take action and look for lending options - there are many lenders who are very interested in getting you the best deal.
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