Before you try to adjust a mortgage, you are often told you need to attempt to refinance. Can you refinance with bad credit though, or will you simply be told that there’s no help for your predicament?
There are no guarantees with mortgage situations, but generally speaking, you should be able to refinance even with poor credit.
Will it be easy? Definitely not—but if you are determined and willing to accept that you will have to pay a certain price to refinance which you wouldn’t have to if you had better credit, you should be able to refinance your bad credit mortgage.
When one person has bad credit, another person has very poor credit. Excellent credit, good credit, fair great, bad great and poor credit… one of these terms will be accurate for you.
Keep in mind, however, that your credit score is what will determine whether or not you’ll fall into the category of needing the bad credit mortgages. The magic credit number is often around 580.
If you are feeling the burdens of the current economic situation, you probably are already sinking in the bad credit swamp. Late credit card payments and struggling to make the necessary monthly consumer loan installments are problems for everyone of us these days.
But, in fact, crisis means new opportunity, so make sure you don’t miss out on all the mortgages for bad credit.