The Finance Blogger


Questions about Poor Credit Mortgage Refinancing

Poor Credit Mortgage RefinancingWe received a question about poor credit mortgage refinancing from a reader and will answer his questions in our next post about poor credit mortgage refinancing. We get a lot of questions about this issue. Consumers with poor or bad credit who are trying to refinance their home or are trying to obtain a mortgage so that they can purchase a home they can call their own. Managing your credit rating and your debt is incredibly important and we wish consumers would pay more attention to this issue. They really have to plan well in advance of things like mortgage renewals to make sure that their credit rating is under control when it comes time to renew a mortgage. If it is not in good shape, your interest charges could go way up as a result.

Poor Credit Mortgage Refinancing – Question to Debt Counselor::

Our mortgage is coming due in two months time and we are very nervous about refinancing the mortgage with our poor credit rating. I have paid the mortgage on time every month for the past 5 years and never missed a payment. The problem is that I cannot say the same for our credit cards.

We missed several payments 2 years ago. I got laid off for a spell of 3 months and as a result my credit rating slipped into the poor category. We chose at the time to pay our mortgage so that there would be no danger of us losing the house. We have since repaid everything we owe on the credit cards and the only other debt we have is a small car loan.

Our concern is that the bank will not want to refinance our mortgage given our poor credit rating.

Do you currently have a mortgage? :: yes, and it needs to be refinanced

Home/Mortgage Loan Amount :: $45,000

Other Loans, Including Credit Cards:: just a small car loan of $5,000

Are you employed and for how long:: yes, I work for Ford for the past 10 years

Your credit rating to be – excellent, fair, or bad? :: Poor

Gross Amount Per Paycheck :: $2600

Do you agree to have this information published online, without your PRIVATE information of course? :: yes

Extra information here please (some detail):: Both my wife and I are employed and really we have managed our finances pretty well except for that one situation a couple of years ago. We are paying for it now with this poor credit rating hanging over our heads.

All we want to do is refinance our home mortgage. We do not want to add anything to the mortgage, just arrange for a new term at the lowest interest rate we can get. Do you think we will have a problem arranging for a poor credit mortgage refinancing plan? We need help with this financing problem and would also use a broker if that will make a difference in terms of getting a new mortgage at reasonable rates. This is so important for us and we just do not want to lose our home because we cannot find financing at this time.

 Questions about Debt

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. For more information about poor credit rating issues, click here.

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