My question is can you help people with bad credit/income ratio? The only income the comes in my husband work. Please help us we really want to keep our house and we should don't want to pay high payment next month. We have a loan of arm. Help please.
The only option I can think for you is a refinance on the ARM. While you may be able to obtain a refinance loan, if your credit score is low, it will be difficult to find a loan with lower interest rate.
If you want an introduction to pre-screened mortgage lenders, 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 on the Bills.com Free Mortgage Refinance Quote page.
I encourage you to visit the Home Refinance page to learn more about refinance loans and how a refinance could improve your financial situation. If you submit your information on the Savings Center at the top of the page, we can have several pre-screened mortgage lenders contact you to discuss your refinance options. The interest rate these lenders will be able to offer you will primarily depend on your current credit history. If you have a good credit score, you should little problem obtaining a refinance loan that will help you, but if your credit is less than perfect, you should expect to pay a premium in interest. If you have a low credit score, a refinance may not make sense, as your higher fixed rate will probably hurt your finances rather than help.
The reason that lenders consider a potential borrower’s credit score when making lending decisions is to determine the likelihood that the borrower will default on the loan. Your credit score is a numerical representation of the statistical likelihood that you will default on any new loan extended to you. This analysis is based on innumerable studies of common characteristics shared by non-paying debtors. Lenders who extend credit to borrowers with lower credit scores charge higher interest rates to compensate for the risk associated with lending to consumers with credit problems. So, while you may be able to refinance your home, you should expect to pay a premium in interest due to your poor credit.
If you have other debts, you may want to use the refinance to rid yourself of any high interest obligations such as credit cards or personal loans. Utilizing you home equity to pay off high interest debts could mean an interest rate reduction of 10 points or more on those debts. However, be careful before you borrow money against your home to pay off credit cards and personal loans; you are converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt.
To learn more about refinance loans, I encourage you to visit the Bills.com Home Refinance Resources.
I think a refinance may be a very good idea if the new fixed interest rate is reasonable. I recommend that you shop around and compare the loan terms offered by different lenders, starting with the Bills.com Savings Center. Spend a few minutes to learn if a no-cost mortgage is right for your situation. Good luck in finding a refinance loan that fits your needs.
I hope the information I have offered helps you Find. Learn. Save.