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Refinance a Home Mortgage with Bad Credit
Are you struggling to make mortgage payments every month? Then, like many homeowners, you, too, may find a mortgage refinance with bad credit to be very helpful. The refinancing process involves paying off your existing mortgage with a new loan. Usually, the new loan will have a lower monthly payment than the original loan either because of a lower interest rate or longer repayment term.
Refinancing Your Mortgage with Real-Estate-Yogi
A bad credit home loan refinance can prove to be rather beneficial for you. From reducing the current interest rate to obtaining payments that fit into your budget, the reasons you may want to consider refinancing your existing mortgage come in various forms. Luckily for those who are seeking a mortgage refinance and improved credit score, we at Real-Estate-Yogi have many lenders in our network who specialize in servicing borrowers for refinancing. While it depends from lender to lender, you can obtain many lucrative possibilities:
Have the ability to refinance in order to obtain your equity in cash
Choose fixed and variable rates
Refinance up to 135 percent of the home’s appraised value
Extend your repayment term
No hidden fees
Many lenders will overlook your credit history
Installments lower than your current mortgage payments
No down payment required
Lower interest rate
Good Reasons to Refinance Your Mortgage with Bad Credit
There are many good reasons a person might want to opt for a bad credit mortgage refinance.
Increase the term of the loan according to your needs
Withdraw from your participation in an adjustable-rate mortgage if interest rates have increased
Lowering the monthly mortgage payment
Refinance to consolidate debt, spending less on other debt
Qualifying for a Home Refinance Loan
Now, before considering applying for a bad credit home refinance, you should ensure you are financially able to make the payments. This means you are sure you have sufficient income
income ratio is aligned with the lender’s guidelines. If you fail to meet these qualifications, you will be wasting both your time and the lender’s. In some cases, you could still be approved for a home refinance with bad credit even after falling outside the normal lending guidelines; however, the interest rate will likely be extremely high. Lenders consider the following five factors during the application process of bad credit refinance home loans as well as with a refinance application from those with good credit.
Borrowers must have sufficient income to make the mortgage payments. Lenders will also want to know whether the income is stable
As your credit score is a mitigating factor, lenders can use this information to determine how likely you are to make timely mortgage payments
The debt to income ratio will help determine whether there is enough cash left for mortgage payments after paying off other liabilities
The lender will also want to know whether you have enough for a down payment and cash to pay your mortgage payment in case your income is reduced
Your debt to income ratio
How a Refinance Loan with Real-Estate-Yogi Help?
At Real-Estate-Yogi, we understand one of the primary reasons to seek a bad credit refinance mortgage is to prevent increases in your monthly mortgage payments. By refinancing, you can usually lock in a lower fixed rate, and ultimately lower your monthly payments. You can also use it to reduce the monthly payments on other debts.
Get Expert Advice When Buying a Home!
Real Estate Yogi has a network of over 160,000 professional real estate and mortgage lending experts. We can connect you to an experienced real estate agent and mortgage lender in your area, who will give you a free consultation on buying a home. Call 1-800-987-1397 now to get connected to a mortgage lending broker who can find the best mortgage rates available.