Refinancing a Mortgage
If you have low credit scores with you have been turned away from refinancing a mortgage you may be stuck with a bad credit mortgage that could be refinanced with the VA or FHA programs. There is no minimum credit score for VA home loans and FHA only requires a 500 minimum credit score. Check with local lenders today to see if you qualify for bad credit refinancing.
If you are not sure when to refinance a mortgage, we suggest speaking with a loan professional in an effort to determine what type of a loan you can qualify for with today's lending standards.
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Best Time for Refinancing a Mortgage
Many homeowners have been successfully refinancing a mortgage because they interest rates are so low. Some borrowers have actually refinanced two or three times in the last few years as there were multiple opportunities to lower their monthly payment.
5 Good Reasons to Get a Low Rate Refinance Mortgage
- Reduce your mortgage interest rate - The current mortgage rates are so low, if you have an interest rate above 5% then the chances are very good that refinancing will save you money.
- Eliminating a balloon mortgage - If you have a negative amortization or balloon mortgage now is a great time to replace it with a sensible low rate loan for 15 or 30 years.
- Refinancing an adjustable rate mortgage - Believe it or not many homeowners still have adjustable interest rates on a loan they got when they bought their homes in 2005 or 2006.
- Converting a 30-year to a 15-year mortgage - Many homeowners like to refinance into a 15-year mortgage because it gives them their best opportunity to own their house outright in half the time of a 30-year mortgage.
- Getting Money with a Cash Out Refinance - There is still no better way to consolidate debt or finance home repairs then a refinance mortgage. Yes you can still get a tax deductible cash out refinance loan.