Debt and poor credit are a fact of life for many Americans. If you've decided it's time to clean up your finances and consolidate your debt, you're definitely taking a step in the right direction. Be aware, however, that there are many lenders out there who make their money by taking advantage of people in your situation. If you're thinking about refinancing your home to consolidate your debts, talk to Downs Financial first. We specialize in poor credit financing, and we pledge to give you a loan that's fair and affordable.
Interested in Poor Credit Refinancing? Beware of Scams!
Many lenders that claim to specialize in poor credit lending may actually be trying to charge you too much. It's true that those with poor credit generally end up being assigned a higher interest rate and extra fees when closing a loan because they represent more of a "risk" to the lender. While this is common practice, keep in mind that there are standards of what is fair, although many lenders choose to ignore these standards in order to make some extra money.
If a lender claims that they can only approve your loan if they assign you an extra high interest rate and charge you lots and lots of extra fees or excessively high points, a red flag should go up. Because poor credit is a fact of life for so many Americans today, there are plenty of reputable lenders that you can turn to for help securing a refinance loan to consolidate your debt. If a lender tells you that you should except his unfair offer because "no one else will approve you," don't listen. Even with poor credit you have lots of lending options; don't be afraid to explore them to find the one that works best for you.
Even if you have poor credit, applying for a refinance loan with Downs Financial is quick and easy. Take a few minutes to fill out our simple, secure online form and in just 15 minutes you'll receive a phone call from one of our loan specialists who'll confirm the information you've given and talk with you about your financial goals and what you need from a loan. Downs Financial approves four out of every five applications it receives, so chances are you'll be approved as well, and can begin the process of getting your finances back in order as soon as possible!