Living with bad credit is often very difficult. Not having the best credit score makes securing loans or credit of any kind hard to do. This is definitely true when trying to refinance your home. However, there are ways to get a bad credit refinance loan done, and with good terms.
First, hire a credit repair expert. While it is possible to get a good loan with bad credit, it's easier with better credit. Many cities have organizations that will help you improve your credit score at no charge. Do not expect improvement from a 640 score up to a 725. You don't need this big an improvement to help your chances. Plus, it would take a long time to realize this improvement.
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Work on your debt to income ratio. It is a little known fact that many lenders place more importance on your debt to income ratio than they do on your credit rating. Pay off credit cards, or at least get the balance to 25% of the card's limit, or less. Pay off a car loan if you can. Reduce your spending. There are many ways to do this.
Look at the APR, not just the interest rate. The APR will show you exactly what you will be paying in interest if fees are rolled into the loan. Some lenders will try to sneak high closing costs and fees into the loan. Look at the APR and make sure it is in line.
Applying for a refinance loan online is the way to go. Fill out one application, and have the dozens, if not hundreds of lenders review your information. They will make the best offer they can to you because they know you are comparing rates and fees. There are many lenders out there that specialize in bad credit loans and will be happy to finance yours.
Avoid loans that work a lot of penalties into the terms. Early payment penalties and other things could lock you in long term to a situation that may not be ideal for you.
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