There are many bad credit lenders that will be more than happy to help you with the mortgage refinance process. If you currently have little equity in your home and you have a credit score that is below 650 then you are going to find it extremely difficult to lock in to a low refinance rate. This does not mean that you will not benefit from the mortgage refinance process.
If you can save one full percentage point on your overall home loan rate then you will greatly benefit from the mortgage refinance process. The reason that you will need to save one full percentage point is because there are closing costs involved in refinancing. If you cannot save that full percentage point the closing costs are likely to outweigh the benefits of saving a fraction of a percentage point.
As stated earlier, there are many bad credit lenders that can help you get a bad credit mortgage refinance. These lenders are experienced working with individuals with bad credit and little equity in your home. You cannot expect these companies to be miracle workers and get you an interest rate under 5% but what you can expect is that they will make the process much easier for you.
Any major financial decision is very important so you will need to step back and look at the overall picture. If you have been having extremely difficulty going through the mortgage refinance process then you will want to seek a bad credit lender that can assist you in your needs.
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