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Bad Credit Loans
Obtaining bad credit loans can be a real challenge. If you have a bad credit history and you're seeking a loan to buy a home, a car, or a personal unsecured loan, you will usually have to work a bit harder convincing a lender to underwrite your...
Credit Report Disaster Through Mistaken Identity
I've got some very important info I want you to think very seriously about. I'm sure by now you've heard of Identity Theft,...heck you may have even been affected by it. I know many of my friends have. But how about what may potentially be even a...
Finding low interest credit
Getting low interest credit to finance your home or car, or to get a low interest credit card requires that you have good credit. Bad credit can disqualify you from many loans and from securing low interest rates. It is important to find low...
Keeping Track to Repair and Build Credit
Keeping track of your spending and diverting a budget plan is
often a better solution for repairing credit and building your
rating. If you file for bankruptcy of debt consolidation you are
only adding more headaches to an already bad...
Tips For Getting Your First Credit Card
Most of us get a credit card on our name when we go to college or when we are in our senior years of high school and all of us stumble into the same types of difficulties when it comes to finding an issuer and managing the credit card. Most banks...
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Refinance Your Mortgage To Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender. To rebuild your credit, make regular payments on your mortgage and other bills. Then after two years, refinance again for lower rates with your now good credit rating.
A Note About Sub Prime Lenders
Sub prime lenders offer B, C, and D credit, which means they offer credit to high risk lenders. For taking on these high-risk loans, sub prime lenders charge slightly higher interest rates and fees.
Some sub prime lenders charge excessively high fees, but you can screen these out by comparing mortgage rates. Online mortgage lenders make this easy with their online quotes and posted rates.
Applying For Refinancing
Applying for refinancing has been made easy with the internet. The first step is to collect several financing offers, and sort through them. Look for low fees and interest rates.
Once you have picked a mortgage lender, fill out the application either online or request an application mailed out to you. Once you have submitted your application, it will be reviewed and processed. You refinancing should be completed in about 6 weeks.
Getting Financing Approval
Getting approval for your refinancing application is a common
concern. While lenders approve more B, C, and D credit loans today, you can also stack factors in your favor. Paying off loans, closing unused credit card accounts, and making regular payments on credit cards and other loans will help. Another step is to put a note in your credit report explaining the reason for past due bills, foreclosures, or bankruptcy.
Rebuilding Your Credit
The next step to rebuilding your credit is to make regular, on time payments on your refinanced mortgage and other bills. Making regular payments is the single fastest way to establish good credit. Make the bill payment easy by setting automatic withdrawals through your bank.
Refinance With Good Credit
After you have established a good credit history, apply again to refinance your home for lower interest rates. If you declared bankruptcy, wait at least two years to refinance. However, if you simply had a series of late payments on your credit, wait a year before researching refinancing options.
About the Author
Carrie Reeder is the owner http://www.abcloanguide.com, an informational website about various types of loans. To view our recommended sources for sub prime mortgage lenders online, visit
this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
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