Home Refinance with Bad Credit

Home refinance

Refinancing helps you pay off some of your home's existing debt. Home refinance is an excellent way to take advantage of low-interest rates, unlock the equity you’ve built up in your home.

Bad credit refinancing

Refinancing with bad credit can cost you more in the long run. If you have bad credit and can’t get a cash-out to refinance, some options for refinancing may be available to you.

FHA Loan for bad credit

An FHA loan may be available to you, allowing for “Bad credit refinance programs”.  FHA Streamline refinances are sometimes available without the usual credit check and income verification.

FHA Loan for bad credit

If you have a credit score below 500, FHA programs require a “First Time Homebuyer Education” class and a higher down payment.

Refinancing with Bad Credit

Bad credit generally means you will be offered less favourable terms on your loan. This could include a higher interest rate, increasing the money you have to pay back over time.

Equity-Only Refinancing

An equity-only refinances is similar to a cash-out refinance in that you take out more than you originally owed. An equity-only loan is a popular option for homeowners who want to refinance but have bad credit.

Cash-Out Refinance

Cash-out refinance is a type where you take out more than you originally owed. A cash-out refinance typically offers a lower interest rate than a home equity loan

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