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Are you hoping to refinance, but nervous because your credit is not where it should be? Unlike what you may have heard, it's still possible to refinance your mortgage without great credit. Below, Michael Litzner, Broker of Century 21 American Homes provides us with several tips how.
Start with clear expectations. You may be hearing about great refinance rates. However, without great credit, these will probably not be available to you. "Although you won't be applicable for the best rates, you can still refinance." says Litzner. "Just be ready for higher interest rates."
How is your equity? "Your equity may be more important when refinancing than your credit," Litzner cautions. If you have a scant amount of equity, this could be your greatest challenge. "Try applying for an FHA-backed loan, as they're easier to secure."
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