If you have a bad credit history but are working to pay off your debts and clear your record, you might find that you still have options open to you for a home mortgage refinance. You will need to find the right mortgage lender to help you through this tough time.
When you’re looking for a home mortgage refinance, consider the lender and how they work. Remember that the bigger the lender, the more likely you are to need exceptional credit, but if you choose a smaller lender, you might find that they are more willing to work with other factors in your life.
For instance, if you have tried all the “major” lenders, you might be thinking that you will never get a home mortgage refinance with your bad credit. But, the chances are that if you consider a smaller, more local lender, you will find that you can make some progress with a refinancing that you can live with.
Better yet, choose a lender who you already bank with and who allows you to work with your account history as well as your credit score. Sometimes, if you choose a smaller lender who has their own underwriters, you will find that if you bank with your lender, you will be more likely to get the refinance that you want and need. Visit http://www.mortgagebrokerco.com.au/ for more help.
Check With Your Mortgage Lender
You might also want to consider a home mortgage refinance with your current mortgage lender if your payment history has been good. Often, as an incentive for borrowers to keep their payments up, lenders are offering that if you have made your payments on time for 12 months, you might be eligible to refinance your mortgage without a credit check based on your payment history.
Often, you should check with your current lender as you might find that you have better luck in getting the mortgage rate you need and want even with your bad credit history.
It’s important to know that even if you have bad credit, you can still get a home mortgage refinance if you know where to look and are diligent in your search. In the end, though, it’s up to you to decide if the savings will be worth the hassle of refinancing your home mortgage with your bad credit, or if it would be better if you cleaned up your credit score and tried again later.