Refinancing Your Home For People With Bad Credit-Don’t Get Robbed
Poor Credit? Need to Refinance Your Home?
1. Research The Going Interest Rate for Subprime Borrowers – Sometimes a reasonable interest rate for a borrower with poor credit will be 1-2 percentage points above the prime rate, but if you are being charged 3-4 or more points above prime for your loan, you are probably being taken advantage of.
2. Make Sure To Get a Few Loan Offers – You should obtain at least 2-3 mortgage loan offers before you commit to working with a lender. Ask for interest rate quotes and estimated loan fees. This will give you leverage when negotiating a lower interest rate and lower closing costs.
3. Excessive pre-payment penalties – Watch out for a pre-payment penalty longer than 6 months to 2 years.
4. Avoid an ARM Loan – If you have a decent interest rate now that is a fixed rate mortgage. It’s probably best to keep that loan before you consider replacing it will a lower interest rate Adjustable Rate Mortgage. After the initial payment lock period of the ARM loan, your interest rate could skyrocket and without good credit...
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