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Mortgage Refinance Information

Bad Credit Mortgage Loans - How To Get Approved


Persistence is the key working toward getting approved for a bad credit mortgage loan. There are many factors that you, as a borrower have control over that can help you get approved faster and easier. There are guidelines that most sub-prime lenders go by that, if you know them, can help you move through the process without getting stuck, unable to get financing.

If you have a bankruptcy or foreclosure, even if they are recent, do not despair. Many sub-prime or bad credit mortgage lenders have what's called, guidelines for bankruptcy or foreclosure seasoning. That means that they have a set amount of time that must go by from the time of a bankruptcy or foreclosure before they will lend to a borrower. Usually this time is 2-3 years, but many sub-prime lenders have no seasoning time, which means, if your credit score is above a certain point, you could get approved the day after your bankruptcy discharge. Other sub-prime lenders have bankruptcy or foreclosure seasoning of 6 months or a year. The biggest factor here will be your credit score.

Sub-prime or bad credit mortgage lenders will look closely at your credit score. In order to get 100% financing with bad credit, lenders will usually need to see you have a credit score of at least 600 or higher. There are quite a few things you can do to raise your credit score to be above this 600 mark. Here are a few suggestions:

1. Check your credit report for inaccuracies. Make sure all accounts included in bankruptcies and foreclosures are reporting accurately. If they show up as an open collection or unpaid account, charge-off or something else, this could be unnecessarily hurting your credit score. It will look like another, separate credit blemish instead of just the one. Make sure the bankruptcies and foreclosures are reporting accurately. Make sure accounts that are paid off, show up as being paid off, or accounts that are closed, show up as being closed.2. Pay-off any small collection accounts or past due accounts that you can. Every account that you pay off will help boost your score. Once you have done this, get a letter of notification that the account is paid off and talk to your lender. Most lenders have programs where they can, for a $75 fee per item, provide proof to the credit bureaus that an account has been paid off and have your credit and credit score appropriately adjusted within a day or two. This program is sometimes called a "wrap it up" service. If you are in a hurry to get financed, this may be worth it to you.3. Pay down open credit line balances. If you can even pay down the balances on any open lines of credit, this will boost your credit score. Your credit score is lowered when lines of credit are maxed out. You can make good use of your money by paying down credit card balances to boost your score.

Once you have used some of these techniques to boost your credit score, be persistent about contacting and applying with many different bad credit mortgage lenders. Many bad credit mortgage loan brokers claim that if they can't do the loan, then no one can. That is simply not true. All mortgage loan brokers have connections with many different lenders and loan programs. What may be impossible with one, can be very possible with another broker.If your score is around 600 or slightly higher, you will probably have a pre-payment penalty. Pretty much all bad credit mortgage loans will come with a pre-payment penalty. Talk to your lender about the details of the pre-payment penalty. Find out how long the penalty will last and exactly how much money the penalty is. How much is the fine for pre-payment on the loan? This is an important factor to consider when comparing lenders.

To get a approved for a bad credit mortgage loan, be persistent, work on your credit score as much as you can to get it above that 600 mark and apply with or contact many lenders to compare mortgage loan programs.

Visit here to see a list of our recommended lenders for Recommended Refinance Mortgage Loans.

Carrie Reeder is the owner of http://www.abcloanguide.com. ABC Loan Guide is an informational loan website with informative articles, the latest finance news and lists of recommended mortgage lenders.


MORE RESOURCES:
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LendingTree: This is how much homebuyers could've saved on their mortgages  HousingWire

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Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

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LendingTree: Number of mortgage borrowers receiving interest rates under 5% rises  HousingWire

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Refinance rates drop for Saturday  Bankrate.com

Several benchmark refinance rates fell today. See what that means for you if you're in the market for a mortgage.


LendingTree: Fewer homebuyers received mortgage rates under 5% last week  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% reversed course, inching backwards for the week ...


Mortgage rates fall for the third week in a row  The Washington Post

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Paul Manafort charged with committing residential mortgage fraud — which is more common than you’d think  MarketWatch

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LendingTree: Pool of mortgage borrowers receiving interest rates under 5% is shrinking  HousingWire

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Mortgage Rates Lowest in a Year: Top 4 Housing Picks  Zacks.com

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Jumbo Mortgage Market Slowdown Rattles High-End Borrowers  The MReport

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Jumbo Mortgages Are Slowing Down, Testing Banks’ Postcrisis Playbook  The Wall Street Journal

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Banking outlook 2019  FXStreet

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Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. If you haven't locked a refinance yet, see how your finances could be affected.


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate dips for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected.


The main reason to refinance your mortgage: Save money  Chicago Tribune

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Refinance rates decline for Thursday  Bankrate.com

Several benchmark refinance rates decreased today. See what that means for your refinance.


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.


Mortgage refinance applications decline to 18-year low: MBA  National Mortgage News

Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers ...


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


Refinance rates advance for Saturday  Bankrate.com

Multiple closely watched refinance rates notched higher today. If you're shopping for a refi, see how your finances could be affected.


Refinance rates dip for Wednesday  Bankrate.com

Multiple key refinance rates slid lower today. If you're shopping for a home loan, see how your payments might be affected.


Refinance rates fall for Wednesday  Bankrate.com

Multiple key refinance rates ticked downward today. If you haven't locked a refi yet, see how that could affect you.


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage.


Refinance rates tick higher for Monday  Bankrate.com

Multiple closely watched refinance rates moved higher today. If you're in the market for a home loan, see how your payments might be affected.


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


Refinance mortgage rate ratchets higher for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


Refinancing activity in the US just plunged to the lowest level in over a decade  Business Insider

Refinancing activity plunged to the lowest level since 2000 as interest rates rise.


Refinance rates hold steady for Friday  Bankrate.com

Several benchmark refinance rates held steady today. See what that means for you if you're in the market for a mortgage.


Refinance rates tick higher for Tuesday  Bankrate.com

Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate.


Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


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As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...


Refinance rates decline for Wednesday  Bankrate.com

Several key refinance rates were down today. If you're in the market for a home loan, see how your payments might be affected.


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ...


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Mortgage rates have been going up, so time may be running out if you're looking to refinance your home at an attractive rate, to lower your mortgage costs or...


Refinance rates increase for Saturday  Bankrate.com

Multiple benchmark refinance rates moved higher today. See what that means for your refinance chances.


Refinance rates slide for Saturday  Bankrate.com

Multiple closely watched refinance rates were down today. If you're in the market for a refinance, see how that could affect you.


Refinance mortgage rate slides for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you haven't locked a refi yet, see how your payments might be affected.


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