Question : What is the best way to refinance your home with a lower interest rate if your credit isn't the best?
I was wondering what is the best way (who to go to) to try and refinance your home with a lower interest rate. I have no clue where to go! The credit score is pretty low, but still need to lower monthly payments.Serious answers only please and thank you!It's not ME that didn't pay my debts...I got stuck with stuff from my ex husband...that's why my credit isn't what it used to be...thanks!
- asked by Me
All Answers:
Answer #1
if your credit is bad this is not going to happen,no one is lending money these days to those thatfail to pay their debts.
- answered by Landlord
Answer #2
call the bank that has the loan and talk to themabout lowering your payments and possibly a refi. I recently tried and though I have raised mycredit score significantly (even since I got myhouse) they said no because I had late paymentsfrom over 5 years ago... mind you nothing late inthe past 5 years and bee in my house 2. They saidno. I don't know what your rate is, but I would gotalk to some local banks in person and be upfront. "My credit score is XXX and my currentinterest rate is X.X%. Do you think your bank canhelp me get a lower rate?' Also can look atplaces like Lending Tree, though I found most ofthose guys toss on a lot of extra fees and stuff. But I've known people with double digit home ratesand if you are one, it may be worth it to dealwith those sharks for a lower FIXED rate. Don'tgo variable or ARM, just don't!
- answered by Somebodyelse
Answer #3
If you have a 580 credit score you may haveoptions; not great ones, but depending on yourcurrent rate it may or may not help you to refi.If your score is 620 or above, you have betteroptions. If you are below a 580 then you need towork to bring your score up.
- answered by GVD
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