With bad credit, can I refinance my mortgage to the lower rate or will my bad credit prevent me from refi?

I have heard conflicting reports on this.

Now paying rate: 6.25%
Mortgage Rates today: 4.5%

Can I get the lower rate with bad credit?
So I guess the gentleman on Good Morning America does not have his facts straight. He said even with bad credit your mortgage company will refinance because the lower rate will help you stay current on your house note.

Tags: conflicting reports, prevent, Lower, refi, refinance, Rate, Mortgage

5 Comments

April 23rd, 2010 - by SPIFIMAN1

Short and not so sweet, no you cant.

My Wife and I just recently refinanced our home and the lender told us they would not hav even considered it if out scores had not all been over 750.

April 23rd, 2010 - by Dixie Darlin'

Actually it might be possible under the new “Home Affordable Refinance Program”, this requires most Fannie Mae and Freddie Mac lenders to work with you, if you have certain circumstances. Here is a website to check it out:

http://www.makinghomeaffordable.gov

GOOD LUCK!

April 23rd, 2010 - by WI Resident

You should contact the “loss mitigation” area of your Bank. Many branch offices are not even aware of the current solutions banks are setting-up to work with their customers. They might have a program that can assist you with a refinance, lower closing costs than on a typical refinance, and help rebuild your credit.

April 23rd, 2010 - by Outlaw Woman

Yes you can, go to the website Dixie Darli’ gave you, they have an eligibility questionare, then contact your lender. They DO want to keep people in their homes, regardless of your credit, this is a new legislation from the current administration

April 23rd, 2010 - by Paula

Yes you can as was indicated earlier. Go to the website DD gave you

With bad credit, can I refinance my mortgage to the lower rate or will my bad credit prevent me from refi?

5 Comments

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