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3 Things to Do Before Applying for a Bad Credit Mortgage Refinance

Bad credit mortgage refinance options have long been available to the public. This can be a great opportunity for you to rebuild your credit history and get back on track. However, before you take the plunge and obtain any refinancing package, it is a good idea to search on what you are getting into first. Research on Banks and Lending Firms Banks and lending firms will have varying terms for their bad credit mortgage refinance programs. Make a matrix where you can easily compare their interest rates, service fees and conditions. This way, you will get a better idea which programs are more favorable for your financial situation. Know Your Credit Score Get a hold of your credit history so you can quickly refer to it or make it readily available if the lender requests for it. Having a credit report on hand also help you determine which mortgage refinance programs you are eligible for, saving you time and effort in the application phase. Study Terms Before you sign up for any bank or lending firm, be sure to study the terms and conditions carefully. Even though the program is 1% lower compared to your current mortgage, don't switch if the duration is the just the same. You could end up paying more for service fees. Should the duration be the same with your current mortgage loan, be sure that the bad credit mortgage refinance is at least 2% lower than your present loan.