3 Tips To Help You Save With Bad Credit Mortgage Refinancing(By Lisa Solomon)

Personal debt can be overwhelming. If you have bad credit then you may also be hit with higher interest rates.
Bad credit mortgage refinancing can help you get out of debt and it is possible to refinance your mortgage even if you have a low credit score. Here are 3 things you need to know about bad credit mortgage refinancing…
Tip #1: Get a Credit Report
Find out just how bad your credit is before you approach lenders. You should be able to get a quote for your refinance from the lender with your credit score information. That way you do not have to have the lender pull your credit unless they have a mortgage that would fit your needs.
Tip #2: Negotiate With the Lender
If you have bad credit you may feel like you are lucky just to be able to get a mortgage refinance. The fact is that lenders might still be competing for your business. Get a detailed list of fees for bad credit mortgage refinancing including the interest rate, points, closing costs and any refinancing fees. You may be able to get some fees lowered or waived if you ask your lender.
Tip #3: Know How Much You Want to Borrow
Create a list of all your debts and the interest rates for each one. (Credit card debts, school and car loans, etc.) With bad credit mortgage refinancing you use your home equity to get cash back at closing. This extra money that you borrow may have a lower interest rate than some of your current loans. Many people use the extra money to pay off high-interest debt and help reduce their monthly payments.
Shop around and be a smart consumer. Bad credit mortgage refinancing can help save you money, but it is not right for every situation.
Lisa Solomon is a former realtor and self-proclaimed money-saving fanatic. In 30 minutes she saved $67,000 off of her mortgage. To find out her money-saving secret and get free home mortgage calculators and information visit www.mymortgagesupport.com
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