- Conventional mortgages (Fannie Mae/Freddie Mac), which could offer you good refinance rates even with bad credit depending on the type of property you want, how much downpayment you can pay and of course, your credit rating.
- Subprime mortgages, another name for bad credit mortgages, typically the type of loan you'll get if your credit score dips to under 600. The rates you get will depend on the criteria set by your lender and on your credit standing.
Where to find mortgage refinance rates if you have bad credit
The best thing to do is to find out what your credit score is, bad as it may be. This will help give your creditors a more useful figure to use as a basis on which to calculate your refinance rates. You can then talk to your creditor to find out what types of rates you qualify for. Just make sure to get quotes from multiple lenders to identify which one gives you the best deal. Remember that it's not necessarily just the rate but also the overall package being offered to you.
Another option for finding information regarding mortgage refinance rates you qualify for even with bad credit is to use online sites. Many creditors offer calculators and other resources on their websites that you can use. Simply enter the required information and the tools will calculate your refinance rate for you.
Don't let bad credit stop you from finding the best deals that will help save you money. Historically, consumers who have taken advantage of mortgage loan refinancing have enjoyed its benefits. Make sure that you obtain all the information you need so you will be able to make the right decisions regarding your finances. Remember that a mortgage loan is something you will be dealing with for a long time.
If you have bad credit, you should be focusing on getting the most advantageous deal possible.
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