Can you refinance a mortgage with bad credit? Yes, but you need to know where to start
If you would like to refinance your current home loan but lack the credit score to snag a low rate, this article is for you. Here, we'll suggest ways you can improve your current interest rate, even if your credit is less than perfect. Can you refinance your mortgage with bad credit? The short answer is maybe. It's certainly not out of the question. If you're looking for a conventional refinance, you'll likely need a credit score of 620 or higher. Don't let that discourage you if you're not quite there, though. A mortgage lender will also consider factors like how much you earn and your cash reserves (to determine whether you can cover financial emergencies). Even if your credit score is low, a lender may be willing to take the risk as long as other aspects of your application are strong. But first, you need to know where to start. Speak with your current lender Let your current lender know that you'd like to refinance and find out if it offers ...