When problems arise refinancing can help your family out a great deal.
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Bad Credit Home Refinancing 101

Before you apply, find out more about bad credit home refinancing. Learn what it is and how it works here.

About Bad Credit Home Refinancing

Though the definition of subprime or "bad credit" loans varies, the term generally refers to loans for borrowers with a credit score below 620. If you have a credit score below this level, lenders will view you as a higher risk. This means they will either charge you more for your loan or will not lend to you at all. Bad credit home refinancing offers reasonable rates on loans to help people with credit challenges refinance an existing mortgage. No matter what your credit history, our lenders will do everything they can to help you get the best deal on home refinancing.

How Refinancing Works

Bad credit home refinancing involves taking out a new loan to pay off your existing mortgage loan. You can use bad credit home refinancing to meet a number of different financial goals. For one, you might want to lower your interest rate or monthly payments. Alternatively, you might want to change the type of mortgage you have from an adjustable-rate mortgage (ARM) to a fixed-rate loan, for example. Our lenders offer both adjustable-rate and fixed-rate refinancing loans. Some lenders will offer additional options. Fixed-rate mortgages offer consistent rates and payments for the term of the loan. ARMs come with fixed initial rates followed by fluctuating payments and rates. Learn how to choose a refinancing loan on the next page.

When to Refinance

If you are considering bad credit home refinancing, you might be wondering when the best time to refinance is. Here are some situations in which it makes sense to refinance:

  • Interest rates have fallen since you took out your fixed-rate mortgage
  • You plan to stay in your home for at least another five years
  • You have an ARM mortgage and interest rates are expected to rise
  • Your home has increased in value or your home equity has increased
  • Your income has increased, and you want to pay your home off faster
  • Your financial situation has changed, and you need more time to repay
Find out more about bad credit home refinancing, how it works, and when to refinance.Find out how you can improve your credit today!