Having bad credit can make it difficult to get credit, but it will not be impossible to refinance your current home loan.
A bad credit home loan will come with higher interest rates and lender fees. However, refinancing your mortgage with bad credit may actually be able to help your current bad credit situation
and still save you money on a monthly basis.
If you have multiple credit cards, car loans and other loans with high interest rates and monthly payments, it can benefit you to consolidate them into your mortgage. For example, a bad credit
home loan mortgage debt refinance at 10% is still better than paying 22% on your credit cards. This can potentially save you hundred of dollars each month if not more.
With the lower monthly payments, it may help your monthly budget and get you back on track to restoring your credit history. This will eventually lead to a better credit score and you will then
be able to take advantage of lower interest rates in the future.
In the constant changing mortgage marketplace it is best to speak with a mortgage loan specialist to find out the current available options to you.