Home Mortgage Refinancing Guide

Sub-prime lenders can help homeowners refinance their mortgages with poor credit or a recent bankruptcy. With interest rates at historically low levels you can still find very good interest rates with a poor credit rating. Sub-prime lenders are very competitive and your business is in high demand; in spite of your credit worthiness.

In recent years it was nearly impossible to refinance or obtain a mortgage loan with bad credit and not pay high fees and interest rates. Today’s market has many lenders and competition has led to more reasonable rates and fees. Traditional banks and credit unions are jumping on the sub-prime bandwagon, although their rules for lending tend to be more stringent.

To find the best sub-prime lender for your situation you need to do your homework and shop around. Sub-prime mortgage lenders are very easy to find on the Internet. If you don’t have time to do the legwork yourself consider using a mortgage broker. There are mortgage brokers that specialize in sub-prime lending and a good broker can find you an excellent deal.

If you are considering a sub-prime lender your credit probably isn’t the greatest; however, there are steps you can take to improve your application for the loan. The amount of cash you have on hand, how much you are willing to pre-pay as points, your salary, how long you have been in your job, along with the length of time since your bankruptcy, can improve your credit worthiness when applying for a loan. To learn more about saving money and shopping for a mortgage sign up for our free guide to mortgages and refinancing.