Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

if you have a poor credit score can you refinance and with which mortgage co do you suggest is fair?

I have a poor credit score but I have credit card debt and medical bills. I need to pay off. I have been in my home for five years got in a financial crisis lost my job that is why credit score went done. I have a job now.Now I need my equity to pay off debt. Do I have a chance due to poor credit now to refinance? If I do can you refer me to a highly reputable/ fair mortgage company or any other suggestions for my situation. need help!! Thanks

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  • 1 decade ago
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    First, yes there are refinance programs available for people with every sort of credit, from terrible to excellent. Many lenders specifically focus on individuals with credit problems. However, programs for people with poor credit are not created equally, and it can be difficult to find the right one for your needs.

    While your credit score is important to lenders, other factors can compensate for a low score. For example, a low loan-to-home value ratio (LTV) will help. Poor credit does not necessarily mean you cannot get quality financing.

    Second, now that you have a job, make sure you stay current on all your payments, ESPECIALLY your mortgage payment.

    Third, I am a Senior Loan Officer for the mortgage brokerage Home Loan Consultants (Better Business Bureau registered and fully licensed). I can be reached at rbyrne@hlclendingpb.com if you want detailed information including research on rates, programs, and lenders.

  • 1 decade ago

    You can probably refinance. I'd check first with the financial institution that holds your current mortgage as you have history with them and they will be more likely to overlook your slide in credit score.

    If they refuse or don't have as good rates, check around your city at the banks and credit unions and get some quotes. They don't charge you to get pre-approval or to consult with them.

    Make sure you read the fine print and know the pluses and minuses of re-finacing. Rates have gone up so it might be detrimental to re-finance instead of just keeping the status quo and paying down your other debts.

    There are also non-prifit places that can help with credit counselling (check your local social services office) that might have other options for you too.

  • 1 decade ago

    Yes. Depending upon your individual situation you may be able to obtain a loan.

    Your best bet may be to find a reputable loan broker. A loan broker is an intermediary agent between a borrower and a lender. While each lender has their own requirements, a loan broker works with many lenders and can go to one that will be better suited to your needs.

    A loan broker will pull your credit and discuss it with you. Based upon your credit and current income and expenses, they then will talk with lenders who best suit your needs.

    Before working with any mortgage broker or lender, be sure to check with your local BBB and your state's broker licensing department.

    The best of luck to you.

  • 1 decade ago

    You should have no problem refinancing IF you have equity in your home that you own. However, you will pay a higher rate of interest. If you do not own your own home, you're out of luck. Go to Lendingtree.com. Good luck

    Source(s): Source : Personal experience
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  • 1 decade ago

    it depends...on how poor of a credit score. mortgage lenders traditional use your middle FICO credit score to make a lending decision. so in order to give you proper advice I would need to know your middle score...for starters.

  • 1 decade ago

    yes you can refinance but before you do that you need to boost your credit score and i can help you do that becasue i work in a financial company, American Mutual Financial Services if you are interested please reply back at m.asrat@yahoo.com

  • Anonymous
    1 decade ago

    You might check out: http://homerefinance1.blogspot.com They have good information about refinancing your home.

    http://homerefinance1.blogspot.com

  • 1 decade ago

    i feel your stress but this should be easier than you think

    http://www.researchitforme.com/wesayes/homeloans.h...

    should be valuable resource for you

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