How to Easily Refinance With Poor Credit

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We have all seen the television ads about refinancing and lower payments no matter what type credit you may have, you should be wary of these ads. Many individuals refinancing with bad credit are in dire straits and are easy to take advantage of. Many of these type loans will offer low payments but also come with exorbitant fees that may be tacked on to the end of the loan. Most individuals refinancing with bad credit must go with sub-prime lenders these are completely different than your traditional lender.Depending on why you are refinancing will determine the best loan for you. If you are looking to reduce your mortgage payment due to a medical or unemployment situation than a loan modification or refinancing through your current lender might be the best option. If trying to lower your interest rate because of previous bad credit remember the cost of the loan is tied to your credit score. The worst your credit score the more expensive the loan will be. The interest rate can be reduced if you pay up front points. This is an option that you would need to discuss with your lender to see which way would save you more money to pay up front points or have a higher interest rate.When refinancing check with 6 to 10 lenders to make sure you get the best payment. Not only ask about the monthly payment ask about the total price of the loan creative accounting can be confusing. Lenders can mask the total cost of the loan by giving you the monthly payment that looks advantageous need to know the total cost. Always ask for a good faith estimate so that when the time comes to close on the loan there will be no surprises if a lender does not offer a good faith estimate. I would mark them of the list of viable lenders.Try to plan ahead check with the 3 credit agencies Experian, Equifax and Transunion sometimes you may be surprised your credit score maybe better than you expected. There are also ways that you can improve your credit within thirty days by paying down credit card balances. Take your time and shop around.

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