If you have a bad credit rating and are past due on credit payments or loans but own a home with some equity in it, you should consider a home mortgage refinance to help improve your financial situation. Mortgage rates are currently at near all time lows across the country, now is an amazing time for many homeowners to refinance and save hundreds per month. Paying off your past due debts or loans will improve your credit score, which will help you get the lowest interest rates possible in the future.

Here are 3 key things to know when looking for a home mortgage refinance that is right for you.
*Make sure you research any potential lenders.
If you are have troubles getting a refinance that is right for you from a general lending company or bank, than you can consider a specialist. A mortgage broker or lending firm that specializes in bad credit refinance has the connections and knows who to work with to get you the best rates. They cost more but the savings they can find in a bad credit situation will more than make up for their fees. Also, check with the better business bureau to see the lenders file and any negative claims. See how long they have been in business and make sure they are a registered lender. If for whatever reason the company does not show up at all, look for a new lender.

*Comparison shop a quoted loan
When you find a lender who you would like to work with and has offered you a good refinancing deal, get that quote on paper. Shop that exact quote around and see if other lenders can meet or beat it. Many times a mortgage lender will work their quotes down, either in the rate or the closing costs, to meet or better the quote you bring in. You do not need one but it sure brings credibility to the situation and makes the lender work that much harder to meet or beat the quote.

*Make sure their will be quality service
Make sure the lender is good at responding to questions and concerns in a timely and efficient manner. Does the lender have a fax number, email address, office line, cell phone. Does a live person answer or is it a message system? Do they respond to your questions and concerns with good advice which is delivered in a timely manner? Sometimes a low rate or quote is offset by sorry customer service. You want good contact with your lender should anything ever come up. You do not want to have a lender for probably the most expensive thing you will ever own in your life.

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