| Almost every homeowner refinances their mortgage | | | | difficulty in finding a loan but it's not an impossible |
| loan at some point during the lifetime of the loan. The | | | | situation. |
| reasons for refinancing vary. Some homeowners | | | | How to find a subprime refinance loan |
| refinance to take cash out of their homes to | | | | The key to finding a refinance loan when you have a |
| consolidate credit cards debts, pay for home | | | | low credit score is to shop around. The goal of |
| refurbishment projects, finance their children's college | | | | shopping around should be two-fold: Find lenders that |
| education, pay off medical bills, etc. | | | | will finance your mortgage and also provide the best |
| No matter what the reason is, refinancing allows | | | | possible interest rate. Though your interest rate will be |
| homeowners to tap into the equity in their homes to | | | | higher than someone with good credit, it is important |
| get cash in a short period of time. So what happens, if | | | | that you strive to find the best possible loan terms for |
| you have bad credit and need to take advantage of | | | | someone in with your credit history. A reputable lender |
| the equity in your home? | | | | can provide loan quotes at no cost. |
| What is "bad credit"? | | | | Once you get your loan quotes, compare loan terms |
| What one lender considers to be "bad" credit can be | | | | and ensure that you thoroughly understand the type of |
| "fair" credit to another lender. Typically a credit score | | | | loan that you are getting, any prepayment penalties, |
| below 600 is considered to be poor by any lenders | | | | lenders fees, points, etc. Don't be shy about asking |
| standards. With the current subprime market crash, a | | | | questions or walking away from a loan, if it doesn't feel |
| homeowner with a credit score below 600 have | | | | right. |