REFINANCING WITH BAD CREDIT
ACCELERATE LOAN PAYOFF -REFINANCING WITH BAD CREDIT
You can pay off your mortgage early by refinancing with bad credit and getting a shorter loan term. If you have a 30 year loan than switching to a 15 year loan cuts off the extra interest cost in almost half, that you would have paid over the course of the loan. The savings can be substantially in a 15 or 20 year loan.Your monthly payments will increase, but mostly that increase pays off the principal balance of the loan !
The short term mortgages are available in 10, 15, 20 year amortization. The shorter the term the higher the payments and ” forced saving”. If your income allows you to qualify for a short term mortgage than you can save thousands of dollars over the life of the loan. This suits many people who want to pay off and get out from under a mortgage early, or retire.
There is another type of savings with a short term mortgage. Its always at lower interest rate. So you combine the lower rate and short term to pay off the loan and take advantage of the savvy planning that you always dreamed of. If you have credit problems than refinancing with bad credit or credit problems you may qualify for FHA loans. You can discuss your bad credit refinance options with our loan team and find out your options.
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