Bad credit home refinance -reduce payments?


Since 2008 the interest rates have been at 40 year lows. The current economic situation calls for lower rates. The 30 year mortgage rates and 15 year loans have fallen to levels not seen before. If the current rates are lower than your existing mortgage rates than a simple, bad credit home refinance, can provide significant cost savings for the length of the loan and to your cash flow. Our loan rates are at least lower than other Internet based mortgage companies.

Rates are not the only criteria for refinancing as you may have seen on this site. Its about lot of other things including costs and terms of the loan.  A fully amortized loan for 30 years is a plus but most borrowers under normal circumstances hardly keep the property for 30 years. So a reasonable time frame can often determine the type of loan that is needed.

Interest only option loans

    • Pay interest only for 10 years
    • Qualify for 25% more home loan
    • Great for short term holding
    • Save hundreds of dollars on monthly cash flow
    • This is not a ‘negative amortization loan

40 year amortized loans:

    • Lower monthly payments
    • Qualify for greater mortgage
    • Great savings on monthly mortgage payment

Convert your fixed rate to an adjustable. Adjustable rates are usually 2% lower than the fixed.This strategy is great if you want to keep the property short term and or plan to refinance again.If you have any credit problems  and you need a bad credit home refinance, please evaluate your credit scores on this site. That will help you understand the loan to values that you can expect to get and lower your payments. The appraisal values need to be done correctly to maximize your loan to right amounts.

The lending climate after 2008 has seen some of the lowest mortgage rates historically.This is a period not seen in 40 years and these rates are low because Feds have aimed lower rate policies in place and to stimulate lending and home ownership. This policy will be in place for many years to come. One of the advantages of having an adjustable rates is that your monthly payments have become lower.

Therefore take into consideration some simple adjustable rates that follow a fixed index that is tied to Feds rate outlook. Apart from that one can lock in a very low fixed rate for 30 years or 15 years in this low rate climate. Many savvy home owners have just done that recently and they are set for a number of years.

 

 

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