For those with good and excellent credit there has been no time since the long term mortgage was created back in the time of Presidents Roosevelt and Truman that the mortgage rate has been lower than it is right now. Depending on where you look the rate hovers between 3.5 and 4%. It's a great time to get an
FHA Mortgage Refinance or, for that matter, any type of refinancing! It's another story if you have poor or bad credit. While the rates are great, bad credit mortgage refinance is very hard to obtain. That's why if you are in need of a home refinance with bad credit; there are several things you should be aware of.
- First see if you have an FHA loan……………….. If you do, the requirements are less stringent and you may qualify for an FHA home mortgage refinance. It's worth a try and you don't have anything to lose.
- If you are fortunate enough to have an FHA mortgage, look into what they call the FHA Streamline Refinance. It's both faster and less expensive that "traditional" refinancing. If you qualify you will be pleased with the outcome!
- If you don't have FHA, consider other alternatives. You can also use the equity value of you home in a home equity loan. The interest rate is still favorable with much better rates than putting more debt on your credit cards and other unsecured loan options.
In any of these cases it's very important to remember that:- What you are doing is borrowing more money on your home.
- Have a really good use for the money you borrow. In a way you are putting your home on the line for the proceeds.
- Don't borrow unless you have to and be careful about borrowing more money than you already owe. More debt is seldom the answer.
- Never take your eye off the target of improving your credit… good credit opens lots of doors!
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