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Georgia Refinance Loans Getting Approved for a Refinance Loan in Georgia
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By Jane Hale

The state of Georgia has one of the newest and strictest anti-predatory lending laws on the books. If you have a credit history that’s less than perfect, this new law may make it difficult to get approved for a Georgia refinance loan. Even so, this doesn’t mean that refinancing is impossible. Here are a few tips that could help you get approved for a refinance loan:

Find the Right Lender
Because the anti-predatory lending regulations in Georgia are so strict, some lenders and brokers have become reluctant to work with borrowers who have credit problems. The key to getting approved for a Georgia refinance loan involves finding a lender who is dedicated to working with you to get you the money you need. This could take a little work on your part. You may have the best luck with an online lender who specializes in bad credit Georgia refinance loans.

Show Just Cause
If you have bad credit and want to refinance your loan within the first five years of getting it, the law stipulates that you and your lender certify that the Georgia refinance loan confers “reasonable tangible net benefits”. This means that you have to have good reason for the refinance, i.e. lower payments, lower interest rate, etc.

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Prepare to Succeed

If you want to increase your chances of getting approved for a Georgia refinance loan, you can take several steps prior to applying. First, pull a copy of your credit report and find out what your credit score is. Second, do everything in your power to remove negative items and increase your score. You won’t achieve results overnight, but within three to six months, you can whip your credit into better shape, and in turn, qualify for a lower rate.

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This entry was posted on Tuesday, November 28th, 2006 at 3:23 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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