It can happen to any of us. You run up your credit card debt on high interest credit
cards, you may miss a few payments due to cut hours at work or an unexpected
illness. Suddenly your credit score has dropped like a rock.
If you are a homeowner you may have equity in your home and refinancing would
allow you to dig yourself out of the whole you are currently in. However, your credit
score has taken a bit of a hit and you may need to repair your credit in order to get
the financial help you need.
Bad credit mortgages
work like other loans, lenders review your credit score and
make decisions based on your credit history and scores. Poor credit history can
prevent you from getting a loan, having collateral in your home will certainly help if
you can get your credit reports and scores to where they need to be.
Remember bad credit also affects the interest rates you will pay for a home loan;
bad credit loans carry a higher interest rate at least 3% to 5 % higher.
Don’t delay; a refinance can help you get back on track. If you need to repair your
credit and to improve your mortgage chances, call Step 1 Credit today for a free