My husband and I need to refinance our home to lower our monthly payments. We are paying 9% right now. We both have bad credit. About 4 years ago we started getting behind and couldn’t make credit card payments. It was either pay them or pay our house payment. So I just didn’t pay them.

You can switch to a better home loan even with a bad credit report. While having a bad credit rating is not ideal particularly if you want to refinance, there are some specialist lenders that will.

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Today's rates make a refinance a good decision if your income has. “Most banks don't want to foreclose on your home.. If you are still in good standing credit-wise, you may have some.. Today's refinance rates are low enough to help you reduce housing costs and get into a more affordable mortgage.

If you’re hoping to refinance your mortgage, but are worried about having bad credit, there’s good news and bad news. The good news is that you can get a new home loan, and bad credit alone Here are four steps you can take to get a mortgage refinance done – even if you have bad credit or less than perfect credit.

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Check out an FHA ‘Rate and Term’ refi. If you don’t have an FHA mortgage, you can still get an FHA refi. You’ll need a credit check, Stevens says. While the average credit score for this refinance is 680 to 690, homeowners with lower credit scores have gotten approval. The absolute floor is 500.

Home equity loans and HELOCs can be used for any number of things, including home repairs and renovations, as well as non-housing related expenses, like consolidating credit card debt. Your repayment schedule will depend on whether you have a loan or a credit line, though monthly payments will most likely be required.

If you apply for a refinance loan, your lender will check your credit score and your credit report. Having a lender review your credit information will trigger a hard inquiry. New credit inquiries show up on your credit report and account for 10% of your fico credit score. Each new inquiry for credit can knock a few points off your credit score.