Would a mortgage company refinance one of it’s mortgage customers that has bad credit?

Deal Score0

Current APR 6.375
Would like to refinance around 5% APR

With lates and a few charge offs from 5 years ago, would a mortgage company do a refi for one of it’s existing mortgage loan customers that has a weak credit score?

3 Comments
  1. Reply
    falsifiable
    April 29, 2011 at 9:33 pm

    Not likely. You would think it makes sense because you are more likely to meet a lower payment. However, the way mortgages are financed makes this a terrible deal for the bank. They cannot sell your new loan when the borrower has poor credit.

  2. Reply
    Kevin M
    April 29, 2011 at 10:13 pm

    You’re in a tough spot. Go to a mortgage broker. See what they can do for you. They don’t get paid unless they can find you a deal.

  3. Reply
    gabriel s
    April 29, 2011 at 10:21 pm

    Bad credit is one of the worst problems to have… however there exists a solution.

    I will hereby talk from my personal experience.

    I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
    if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

    a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

    http://umgarticles.atspace.com/debt-consolidation.htm

    if it helps kindly remember me in your voting!.. cheers!

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