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.
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
Both my wife and I are employed. 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. Also we would 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.
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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