Many American families have had a difficult time in the current economy. With unemployment skyrocketing and home equity plummeting, it is a tough time for a family to find cash when it is needed. One way to free up cash would be to try to find a lower rate on a bad credit remortgage or simply lengthen the term at the same interest rate.
If an individual has bad credit, it can be terribly difficult to find a low remortgage rate. The best bet is to try to contact many different lenders. It is also important to do this within a slim time window, as pulling credit reports multiple times over a longer period (such as several months) will actually further damage credit.
Also, it is important to understand that more documentation will be needed than perhaps was needed in the past to refinance. Additionally, fees may be higher, and, if there is no equity at all in the home, it is much less likely that someone could get a mortgage at 5% or lower without money down.
Author — Thomas McSteen
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