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Refinancing Your Home With Bad Credit or a Bankruptcy in Texas
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By Jane Hale

If you have bad credit or if you have recently filed for bankruptcy and are thinking about refinancing your Texas home loan, you will want to be very careful. The sub-prime mortgage market is filled with financial pitfalls. Before refinancing, you will want to take time to educate yourself in regards to how this part of the lending industry operates.

Sub-Prime Refinance Loans

Sub-prime refinance loans are designed for borrowers who have less than perfect credit. These loans vary from lender to lender, but have one thing in common: higher interest. If you have bad credit or a recent bankruptcy, you can expect to pay a higher than average interest rate on your Texas refinance loan. You might also be required to pay higher lending fees.

Sub-Prime Refinance Loan Rates

The exact rate you pay will depend on your credit score, the lender you choose, and the terms of the refinance loan. Currently, rates on Texas refinance loans average 5.43 percent. You can expect to pay anywhere from 2 to 6 percentage points higher than this average rate if you have bad credit or have filed for bankruptcy. To get the best rate, you will want to get no obligation quotes from several different lenders.

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Sub-Prime Refinance Loan Terms

If you will be borrowing in the sub-prime market, be prepared to fight for fair loan terms. Many sub-prime refinance loans in Texas have pre-payment penalties and exorbitant lending fees. Taking time to read through all of the terms before signing the loan documents is a very good idea. You don’t want to sign yourself up for a loan that you can’t afford, or worse, a loan you can’t get out of.

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This entry was posted on Thursday, November 30th, 2006 at 3:31 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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