Is Refinancing your Mortgage the Right Choice For You?

Refinancing can provide you with a lower rate, will help consolidate debt, and will assist with tapping into home equity. There are many good reasons to refinance your mortgage, and Mortgage Genie wants to be there for you along the way!

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Refinancing Home Mortgage With Bad Credit

So, you’ve had some challenges with your credit recently, and now that your mortgage is up for renewal, you’re wondering how to refinance your mortgage with bad credit? Well, if you come across a mortgage lender who claims to have a secret trick or magic portion that will easily get you the best refinance home mortgage loan within 24 or 48 hours – beware!

Lenders who make such claims are often not very sincere with their clients. In all likelihood, dealing with such individuals or institutions will likely mean a further deterioration of your credit. Unlike such loan providers, Mortgage Genie Canada values the trust placed in us by lenders seeking assistance for a bad credit refinance home mortgage.

Getting The Refinance You Need

So, if are unfortunate enough to not have the perfect credit score that everyone lusts after – and envies; then can you refinance home mortgage with bad credit? The answer is “Yes, but…”. The second part of that answer, the “…but” is extremely important. It is that portion of the answer that will ultimately take you from not being able to qualify for a home refinance loan, to getting the refinance you need even though you had bad credit.

The best refinance home mortgage loan is one that saves you money. If some lender out there advises that you should refinance your mortgage, and the end result is that you end up paying way more than you did with your original loan – that’s a bad move. Refinancing needs to be done strategically, so that you get access to financing on favourable terms.

Here’s what to do in order to qualify:

  • Make sure you have a credit score of at least 720+, before you apply to refinance home mortgage with bad credit
  • If you don’t have a good credit score, take some time off and work on fixing your score. Debt consolidation and Credit Counselling are great ways to put your credit back on track
  • Be prepared to show pay slips and bank statements for at least several months before applying
  • The best way for how to refinance your mortgage with bad credit is that, once you repair your credit score, you need to maintain it for at least one year prior to applying for the refinancing

The mortgage refinance experts at Mortgage Genie Canada offer each client personalized advice on how to refinance your mortgage with bad credit. We actually consider each individual borrowers financial situation before offering practical solutions – even for potential borrowers with bad credit. And, if you follow the advice offered, you too can qualify for the home loan refinancing that you are looking for.

Understanding Refinancing

So, the first question to ask is: When does it make sense to refinance your mortgage? And the answer is: When you are sure that the long-term costs for refinancing your current near-expiry loan work out to be less than the carrying costs of your existing loan.

Before you rush into an agreement to refinance home mortgage with bad credit, you need to understand what exactly happens in a refinancing transaction. Refinancing is the act of taking your existing debt, and replacing it with new debt. So, if you are wondering how to refinance your mortgage with bad credit, the obvious question that will spring to you mind is:

“How does swapping one debt with another help me save money?”

Well, think about the following:

  • When refinancing, the old debt is often much smaller than the new dept
  • Because we have access to lenders that can provide you with some of the best refinance home mortgage loan interest rates, you’ll end up paying lower interest on your refinancing than you currently pay for your existing mortgage
  • In the longer term, because your new, and often larger, loan is costing you less than what you are paying for your smaller current loan, refinancing your home mortgage – even with bad credit in the past, means you end up paying much less over the life of the mortgage term

At the end of the day, Mortgage Genie Canada will look closely at your personal credit situation and advise on the most appropriate interest rates for you to refinance home mortgage with bad credit.

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