Bad Credit Florida Mortgage Refinance
With Florida bad credit refinance rates so low, now can be a great time to refinance your Florida mortgage even if you have bad credit. Reasons for bad credit Florida refinancing include locking in a lower interest rate, moving out from under an adjustable-rate bad credit Florida mortgage to a fixed rate mortgage, lowering your monthly Florida mortgage obligation, consolidating your credit card debt with your mortgage, or taking out cash to payoff past debts. However, there's one huge factor that can make it harder to refinance for most and that is a bad credit past.
While refinancing with a low credit score isn't ideal, it can still be done. With a bad credit refinance, you will pay a higher interest rate than the numbers you see advertised on TV. Those interest rates are reserved for individuals with perfect credit. However, if you can still lock in a rate that is at least one percentage point lower than you're currently paying with a bad credit past, it could still be worthwhile for you to refinance even if you have bad credit.
Below are some of the reasons bad credit Florida mortgage refinancing may be the best option for you.
- Past Florida Foreclosures
- Past Florida Bankruptcies
- 30 day late payments
- Credit Collections Accounts
- Florida Tax Liens
- Delinquent Student Loans
1. How To Improve your Bad Credit Chances!
If your bad credit score is really bad, the best thing you can do is actively work to improve it. Ways to improve a bad credit score include paying all of your bills on time, keeping all of your credit card balances less than or equal to 10 percent of the total credit card limits and limiting the amount of credit inquiries you have, and removing old collections from your credit report is a fast way to turn bad credit into good credit.
2. Apply For A Bad Credit Mortgage
The best way to lock in the lowest interest rate available for your situation is to apply with Bad credit Florida mortgage lenders. Not all bad credit Florida refinance lenders are the same, and some cater specifically to those with bad credit. Call bad credit Florida mortgage lenders now so we can give you a quote. Make sure to compare apples to apples by asking about your interest rate, the type of loan the lender is qualifying you for, the closing costs, and any other additional fees.
3. Get a Good Credit Florida Cosigner
A consigner on a bad credit Florida mortgage refinance is similar to a co-borrower, only a cosigner does not have ownership of the property. Instead, a cosigner is responsible for the bad credit loan and must sign all the required documents needed to secure the loan. If you have bad credit, getting a cosigner on your loan might be able to qualify you for better interest rates.