If you have bad credit, you may be wondering how difficult it would be to refinance your current mortgage. You might be surprised to learn that there are lenders who specialize in refinancing the homes of those with blemished or bad credit. In fact, many have established websites online that guide you through the seemingly difficult refinancing process.
Secure a Better Rate
By refinancing your mortgage, you can secure a better rate on remainder of your loan. This can save you a bunch of money over the lift of the loan, especially if you have an adjustable rate mortgage. The adjustable rate mortgage is a loan on your home that has a fluctuating interest rate that is based on current market conditions. The interest on an adjustable rate mortgage can go either up or down at the beginning of each fiscal year (July).
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Unfortunately for many homeowners, the adjustable rate on their mortgage has been going up, up, and away over the past few years. In fact, many have been forced into foreclosure once their payments ended up being double the original payment amount on the mortgage. There income simply could not keep up.
Cut Your Payments by Extending the Term of Repayment
During the refinance of your home, you will not only get a better rate, but you will have an opportunity to extend the amount of time that you pay on your home. This means that if you had originally planned to pay off the term of the loan within 20 years, and now you feel like you need additional time, you may chose to extend the mortgage for another 5 to 10 years. This helps to lower the amount of your monthly payment, letting you keep more of the money you earn to pay for other things.
Borrow Additional Money
You may also choose to take out an additional line of credit with your new mortgage lender. This extra money can be used for anything you need - home improvement, remodeling, improvements, or furniture, appliances, adding a third bathroom, or perhaps a fourth bedroom. Or perhaps you might want to do some travelling, pay for education, or pay down other debt.
A lot of borrowers take out additional funding while refinancing their mortgage to pay down things like higher interest credit card debt or to consolidate student loans, automobile loans, or other personal loan. Doing so can save you money in the long run by avoiding excessive interest rates on these types of debts.
Borrow Only What You Need
The amount you borrow will be tacked on to the amount of your mortgage; you will make one payment for both the additional funds and the mortgage. Be certain to borrow only the additional money that you need - remember, you will be paying on this money for the next twenty years or so. Borrowing only what you need will also make your payments less, which will free up more of your income for other bills, purchases, or savings.
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