Frequently Asked Questions about Bad Credit Home Refinancing

Here are the answers to the most commonly asked questions about bad credit home refinancing.

What is bad credit home refinancing?

Bad credit home refinancing is an opportunity for those with credit challenges to refinance an existing home loan or mortgage. Bad credit home refinancing has relaxed qualification standards and reasonable rates, so even those with severe credit challenges can still get a loan. Our lenders specialize in working with customers to overcome credit challenges.

How do I know if I have bad credit?

Typically, subprime borrowers are described as having a credit score below 620, though this definition is not universal. Chances are, though, if your score falls below that number, you might have trouble qualifying for a refinancing loan or getting reasonable terms on a refinancing loan.

How do I apply for bad credit home refinancing?

You can apply for bad credit home refinancing by clicking "apply now" anywhere you see it on our site. This will take you to our free online application that will take only a few minutes to fill out. Once we have your application, we will instantly match you with a minimum of four lenders who can meet your bad credit home refinancing needs. You will see these quotes side-by-side to make your comparison shopping as easy as possible. All you have to do is compare the loans on rates and terms to decide which is best for you.

Who actually issues my bad credit home refinancing loan?

We are not a lender, but we partner with lenders across the nation that specialize in bad credit home refinancing. We will match you with at least four such lenders who can meet your unique needs. Our lenders are certified, and eight out of ten top lending institutions participate in our lending network. Which lenders provide your quotes will depend on your application information, preferences, and location. You will also have a say in which lender provides your loan.

Should I apply for bad credit home refinancing now or wait until my credit improves?

Our lenders can offer you competitive bad credit home refinancing loans, but, of course, the rates would be even better if you improved your credit score. If you can afford to wait to refinance your mortgage, you might consider postponing taking out the loan until you have improved your credit situation. For example, you might be able to take care of some overdue payments and/or pay down some of your credit card balances before you apply. These simple steps can help improve your refinancing interest rates drastically. However, there are some steps you can take to clean up your credit.

What type of bad credit home refinancing loan should I get?

The two primary types of bad credit home refinancing loans are fixed-rate mortgages and adjustable-rate mortgages (ARMs). Which type is right for you will depend on your comfort level with risk and the expected behavior of interest rates. If interest rates are expected to rise, a fixed-rate bad credit home refinancing loan is the better option. If interest rates are expected to decline, you might consider an ARM. Remember, though, that your payments and interest rates will fluctuate with an ARM. If you are uncomfortable with that prospect, stick with a fixed-rate bad credit home refinancing loan.