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Mortgage Refinance Loans

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Refinance Rates

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Loan Rate APR
30 Year Fixed Rate 3.88% 3.38%
15 Year Fixed Rate 4.06% 3.61%
5/1 Adjustable Rate 2.75% 3.37%
* These rates are averages, and might not apply to you.

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We focus our site on home loan refinancing, but if you're looking for a new mortgage loan, we can help you too.

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Credit Scores

There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

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Refinance Loans

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Bad Credit Scores Mortgage Refinancing Bad Credit Scores Mortgage Refinancing

There is an expression that is used quite widely and it says that "everything has its price". This could not be more true of mortgages. Regardless of low credit scores, regardless of poor credit histories, and despite bankruptcies, thousands or even millions of people can still get a mortgage to purchase a home. Further, even if the trouble starts long after the house is bought, high risk consumers can still obtain mortgage refinancing. Lenders looking to make a profit from high risk situations stand to benefit from high interest and loan fees. As a result, they specialize in bad credit scores mortgage refinancing.

On the positive side of things, it is possible that your low credit scores are explainable. Maybe something has happened that helped to create the situation, and once explained to a lender, the risk is still there, but there is also potential that you will be a good customer. You may even have proof that you are getting things back on track by trying to improve your credit score. As a result, you might still quality for bad credit scores mortgage refinancing.

While it is true that people with poor credit scores will not be able to walk into a bank and apply for mortgage refinancing, they will, nonetheless, be able to search elsewhere. And even if they use a high interest lender to move themselves forward, they can refinance the loan in a year or two when their situation ameliorates.

Indeed, bad credit scores mortgage refinancing comes at a price. Interest fees are usually several points higher than those with better credit scores, origination fees tend to be higher since the lender must make money on the deal, and the long term cost of the mortgage refinance is going to be considerable. This is one reason why it is a good idea to use these types of mortgages as bridge financing only. In other words, many people take what they can get in order to move ahead, then once they start to fix their issues, and they have concrete proof of a better credit score, they can apply for better terms.

Often, when home owners get in a bind, they will request cash-out refinancing. If they have equity in the home, this is not going to be as big a problem as if they owed the value of the home. It might take longer to find a lender, but equity is everything, and lenders will help with bad credit scores mortgage refinancing. The thing you have to remember is that credit card debt is unsecured, so obviously no department store or credit card company is going to issue a card to those with bad credit scores. But, a mortgage refinance always includes collateral. And this is a whole different ball game.

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