Mortgage : Home Loans : Refinance : Home Equity Loans

By Louie Latour

Refinancing a mortgage with a poor credit rating can be a difficult task to accomplish. Finding the right lender with the right mortgage offer for you situation requires doing your homework and researching mortgage lenders. Doing your homework will help you avoid common mortgage mistakes and predatory mortgage lenders that prey upon homeowners with poor credit ratings. Here are tips to help you get started.

Clean Up Your Finances

The first step to refinancing your mortgage with poor credit is to clean up your credit. Make sure you are paying your current mortgage on time and have at least six months worth of on time payments before you apply for a new mortgage. Review your credit reports for errors and dispute any errors you find. Pay down the balances on your credit cards, avoid making large purchases, and start saving money. You may be required to pay points to qualify for the new mortgage loan; having money in the bank will allow you to pay points and will look better for your application.

Find the Right Mortgage Lender

If you are a homeowner with a credit score less than 600, refinancing your mortgage with a traditional mortgage lender may not be possible. You will need to find a bad credit mortgage lender. These lenders are also called

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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This entry was posted on Wednesday, June 21st, 2006 at 3:50 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.