Information on Bad Credit Refinance - The Bills.com Blog

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Information on Bad Credit Refinance

Tuesday, May 20, 2008

Question: I have 3 cards in default because my a.r.m. interest went so high, can I get a refinance loan with bad credit caused by adjustable rate?

Answer: Credit rating is one factor in making a loan decision. Given your default on your credit cards, which is most likely reported on your credit report, it will be more challenging to get approved for a loan, since your credit rating will be low. Additionally, if you are seeking a refinance loan, your debt to income ratio will be considered as well as other variables in the loan underwriting process.

Keep in mind, however, that if you have accumulated equity or have a sizable down payment, that could provide the cushion in an
LTV (loan-to-value) calculation to get you approved. Most of all, it cannot hurt to apply and see what lenders think of your own situation.

Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at: Mortgage Refinance Quote

I
hope that his helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.

If you would like more information, please visit our mortgage resource page.

We hope that this helped you to Find, Learn, & Save!

Best,
Bill
www.bills.com/blog/

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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