Bad Credit Mortgage Refinance

When is the best time to Refinance?

It depends on how long you plan to stay in your house and if you have to pay anything to refinance. It also depends on how far along you are in paying off your current mortgage.

If you are going to be selling your house soon, you probably will not make back any costs you incur to refinance your mortgage. If you are more than halfway through paying your current mortgage, you probably will gain little by refinancing. However, if you are going to own your home for at least five years, that's probably long enough to recoup any refinancing costs you incur and to realize real savings on lowering your monthly payment. If it is going to cost you nothing to refinance, you can gain even more.

Many lenders will allow you to roll the costs of the refinancing into the new note and still reduce the amount of the monthly payment. Also, there are no-cost refinancing deals available. In any case, it pays to consult your lender or financial advisor, or run the numbers yourself, before you refinance. Save yourself time, hassle, and money by filling out our quick online application that will put you in touch with up to three lenders competing for your business.

If you have bad credit, you should be candid with your lender in discussing these issues. While some people have rebounded from a foreclosure to buy another home within several years, credit problems stemming from a foreclosure can continue much longer for others. If your problems resulted from losing your job due to your employer's financial difficulties, a lender probably will look upon your situation more favorably than if your bankruptcy was caused by overextended credit cards.

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