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A Guide to Getting a Bad Credit Remortgage
There are several reasons why you might be in the market for a bad credit remortgage. You might be wanting to try to lock in a lower interest rate, or perhaps you simply need to use the bad credit remortgage as a way to consolidate some of your debts.
Regardless of your reasoning, securing a bad credit remortgage can sometimes seem like a daunting task? in the end, though, it's usually much easier than you might think.
Defining bad credit
If you're looking for a bad credit remortgage, then you already know (or at least have a suspicion) that your credit is less than perfect.
If you're like a lot of people, though, you might not be exactly sure what this means or how credit is determined.
Your credit rating is a numerical score that's given to you based upon reports from your previous creditors, who are the people who have issued you a credit line or a loan in the past.
If you've made your payments on time, then they send in a positive report and your credit rating goes up.
If you've missed payments or defaulted on your debts (meaning that you didn't pay them back), then they issue a negative report and your credit rating goes down.
The lower your credit rating score is, the more of a risk it's considered to lend you money? after all, if you've had problems repaying your debts in the past then it's reasonable for lenders to thing that there's at least a decent chance that you'll have those same problems in the future.
This makes it much harder to get loans and credit offers, and the ones that you do get usually have much higher interest rates and require some form of security deposit or collateral.
The bad credit remortgage
A mortgage is a special type of loan, used to purchase a home or other real estate and using that same property as collateral for the loan.
The mortgage lender has a legal claim to the property, so if you fail to repay your loan then they can repossess and sell the house or real estate.
A bad credit remortgage is a mortgage loan designed for people with lower credit scores, and is issued on property that you already own (and may or may not still have a mortgage on.) Since the house or real estate serves as collateral, you're more likely to be approved for a bad credit remortgage than some other loans? meaning that the bad credit remortgage can be used in the place of the loans that you weren't approved for.
It can also be used to restructure payments on your previous mortgage (since the new loan pays off the old one, and is for a lower total amount) and reduce monthly payments, usually with a slightly lower interest rate.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About The Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
MORE RESOURCES updated Sat. May / 27 / 2023
Today's Mortgage, Refinance Rates: May 26, 2023 | Tired of Rising Rates? Blame the Debt Ceiling Debacle - Business Insider
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How to get a low-cost mortgage refinance Yahoo Finance
Should you refinance your mortgage to pay off debt? New York Post
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Banks to be stuck with 'mortgage prisoners' as those who can refinance their home loan search for a better interest rate - ABC News
Banks to be stuck with 'mortgage prisoners' as those who can refinance their home loan search for a better interest rate ABC News
What Credit Score Is Needed To Refinance a House | Chase Chase News & Stories
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... - Federal Reserve Bank of New York
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... Federal Reserve Bank of New York
Ask Chuck: How can I ever afford a home? The Christian Post
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Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
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Compare Current VA Loan Rates | U.S. U.S News & World Report Money
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
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CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business
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Small Business Loan Refinance Bankrate.com
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7 Refinancing Programs for Seniors Total Mortgage
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