Refinancing a mortgage with bad credit is not that hard to do. However, there are some things which you can do that will increase the chances of getting approved the first time. Here are some tips for homeowners who want to get a mortgage refinance with bad credit:

1)Always have the proper documents.
Make sure to have all of the documents you will need before refinancing. Regardless of your credit rating this will help you get approved, as it makes the mortgage lenders or banks jobs easier. Often, things like tax returns, bank statements, paycheck stubs, and other related financial information is needed. Of course, things such as social security numbers, and identity will also be verified. Often times, homeowners think they are ready to apply, and do not have all of the documents they need. Ask a mortgage lender or bank what to bring, and make a list of it.

2)Verify your credit.
Make sure you know your credit rating. Even if it is low, check for errors or things which should not be there. Say you field for bankruptcy 8 years ago, that should not be present anymore on your report. Make sure everything is correct, and if it is not, ask that is gets corrected. Even little marks can effect you getting approved, and the rate of interest you pay, dramatically.

3)Know why you want to refinance.
Knowing the reason why you wish to refinance will really help you, and the potential bank or mortgage lender, narrow down the home loan options available to you. If you want lower interest rates, a lower monthly payment, or even cash back from the homes equity, know that they are all possible to get, even with bad credit. However, knowing why, and what your expecting from mortgage refinancing will help you get approved.

4)Compare different mortgage refinancing options from different lenders or banks.
Bad credit mortgage refinancing comparison shopping is even more important. Homeowners need to shop around to different mortgage lenders or banks. Each potential lender has different rates, terms, and conditions, which are available to homeowners. Shopping around and finding the cheapest, best one for you, will help ensure you get the best refinancing deal possible.

-M Petrone

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