Refinancing - any suggestions?

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Linnea Tilton, NH(Zone 4a) Jan 18, 2002

My dh and I are getting ready to refinance our house, and I would love to hear from anyone who has done this, any companies you can recommend to look into, etc. Our biggest problem is bad credit :(

Thanks in advance,
Cedar

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Amaryllisgal High Springs, FL(Zone 8b) Jan 18, 2002

If you are a credit union member, check with them. They usually have really good rates. The one we use often runs refinancing "specials" where they don't charge any closing costs.

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gardendragon Ladysmith, BC(Zone 8a) Jan 18, 2002

We are in the process of refinancing our house too.

I had phoned the company that holds our current mortgage and they said that they would refinance it at the rate we have at the moment 9 1/2%! Well as the rate here in Canada is now down to anything from 5% to 7%, I was dammed if I was going to pay more than I had to, so asked the local real estate agent who sold us the house 2 years ago and he put us onto a Mortgage Broker. We do not have bad credit, but as we are both on a government pension, we do not have much money every month, so are considered a risk!

She was fantastic and we now have a mortgage for 5.99% - might be lower as rates are comming down and we have until March 1, 2002 to pay off the old mortgage company and start with the new. Quite a difference from 9 1/2 to 5.99!!

I am not sure how things work in the USA but you could phone a real estate agent or mortgage broker.

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darius So.App.Mtns., United States(Zone 5b) Jan 18, 2002

Cedar, we have a local group that has a strong connection with banks, to do mortgages, etc. for those with poor or bad credit. You might check with your local services (county, social services, etc.) to see if there is a like group in your area. They are usually tied into a neighborhood association that helps the underpriveleged.

The fact that you already own the house will be in your favor, even with poor credit.

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Carol7 Surry, VA(Zone 7b) Jan 19, 2002

My advice is to do your homework for the best interest rates you can find according to your credit history. Whatever you do, don't apply with several mortgage companies. For some unknown reason, it won't look good on your credit record in their eyes. You didn't mention how many years you have paid this mortgage (none of our business anyway) but you may come out cheaper if you stay where you are especially if you've been in your home for several years. Just my thoughts.

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