Here’s the tale of a woman who wants to refinance her mortgage, but she has bad credit. I’m talking about myself, and I’m sure I’m not the only one in this position. When I have questions about how to refinance my home mortgage with bad credit, I go to Real-estate-yogi.com. This free website gave me lots of information about where to get the financing I needed. The first thing it pointed out to me was that speaking with my lender to see if the bank has its own refinancing program is smart. It didn’t, so I went to the credit union down the street. They were very nice there, but when they saw my credit score, they had to gently refuse to approve me.
I continued to search for ways to refinance my home mortgage with my bad credit, and Real-estate-yogi.com was invaluable. It suggested that I look into HARP, the Home Affordable Refinance Program to see if I could benefit from it. I went into another bank and asked about it. It turns out that my mortgage has to be owned or guaranteed by Freddie Mac or Fannie Mae, and I’d have to have gotten it before June 2009. I didn’t meet either of these requirements, so off I went to keep looking.
It occurred to me that perhaps I was missing a step somewhere, and so I checked in with Real-estate-yogi.com again. Sure enough, I hadn’t done any preparation before searching for how to refinance a mortgage with a bad credit score. If I had taken another few months and made an attempt to spruce up my credit rating, I’d have improved my chances of getting the refinance. I should have paid off some of the smaller debts I have, because every debt eliminated means a better credit standing. I should also have tried to pack away some money toward a down payment, but I didn’t, so here I am, still seeking a refinance.
Finally, Real-estate-yogi.com suggested that I look into high-risk lenders, but to be wary of those trying to scam me. These financers specialize in refinance of a home mortgage with bad credit. Yes, they charge a lot of interest; apparently this is the price I pay for having been irresponsible with my credit. I did fill out applications with a couple of these lenders and was able to get the refinance, and I know that, if I’m good about making timely payments, I’ll get a lower rate later on.
I’m grateful to www.real-estate-yogi.com, as always, because it really helped me find the refinance I needed to keep my house. They’ll be happy to help you with your realty questions, too. Give them a call at 1-800-987-1397 for a free consultation.
