Making late payments on credit cards and other bills lowers your credit rating. Credit scores are an important factor for home refinancing. The reason is that the companies report these late payments to the credit bureaus. In turn, the credit bureaus note the late payments on your credit report for the entire world to see. Unfortunately, many homeowners are in the bad situation of having to juggle bills from month to month in order to make the payments.
Bad Credit Home Refinancing Can Lower Monthly Payments and Rebuild Your Credit!
The reason for this can range from people having over-extended themselves to having unforeseen expenses arise through no fault of their own. While this is a bad situation, many people do not realize that refinancing the home mortgage can actually help this problem. It would seem that taking out a new loan would be very bad, but with a bad credit home loan, it can be just the key to paying your bills on time.
The reason for this is that interest rates are currently as low as they have ever been. By refinancing your home mortgage, you may be able to lower the monthly payment. This, of course, would mean more money would be available to pay other bills every month. This would get your payments back on time, and get the good payment history reported on your credit report.
Downs Financial can help you get the home refinancing you need regardless of your credit history. Fill out our easy online registration form. Within 15 minutes, one of our professional loan officers will call you with all the information you need to get your bills, and your peace of mind, back on track.