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Refinancing a Mortgage?

How do I refinance a mortgage with a 549 credit score?

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Gold Feedback Medal for All Time! 949 Feedbacks
March 14, 20200 found this helpful
Best Answer

There are so many variables to situations like this that it would be impossible to really answer your question. A score of at 640 is what lenders usually require along with good answers to a lot of questions.
Questions you may have to answer:

Is your current mortgage paid up to date and paid on time for many months/years?
Why is your score at 549?
Did something major happen to cause this?
How long has your credit score been in the 500s?
Are you currently paying your bills/obligations on time?
Do you have steady job that should last a long time?

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How long have you had a steady job?
Is your salary sufficient to cover your present obligations or is this the sole reason for the wish to refinance?

As you can see all of this type of question would have to be answered before a financial officer would even discuss a loan with you.

If you have a bank account (most banks will not open an account with this low a credit score - unless you have a large sum to deposit) as banks have people who can advise you on how to raise your credit score.
Raising your credit score is a long slow process and very difficult for most people.

here are some links that may help you understand what you are facing but some have very good advice on how to improve your credit score. This may not be what you are wanting to hear but your score is very low.

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If you are a veteran then the VA is the first pace to visit for help and advice.

smartasset.com/.../what-is-the-home-affordable-modification...

www.rocketmortgage.com/.../refinance-mortgages-bad-credit

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Bronze Post Medal for All Time! 140 Posts
March 9, 20200 found this helpful

www.fha.com/fha_article?id=540

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Bronze Feedback Medal for All Time! 196 Feedbacks
March 9, 20200 found this helpful

Every bank and credit union is different. My best guidance is to start at a bank or credit union that you have a relationship with already and talk to them.

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They can give you the best guidance for you situation and your state.

You may end up with a higher interest rate because you are a risk, but if you can pay promptly and reduce the principle, sometimes you can refinance the refinance as your credit score builds.

Avoid anything that sounds too good to be true...as it always is. Only deal with banks and credit unions that you have heard of and preferably ones that are local.

If you are in any danger of going bankrupt, contact your local State Representative to ask for help to find real help (not these fly by night places) that gouge already vulnerable people.

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Bronze Post Medal for All Time! 105 Posts
March 9, 20200 found this helpful

I don't think anyone is a loan officer here that could actually answer this question for you. Reinancing a mortgage on a home all depends on the bank you are with, what the qualifications are, and if hey will do it for you.

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You should make an appointment with your bank or credit union and talk with them.

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Diamond Post Medal for All Time! 1,298 Posts
March 10, 20200 found this helpful

Best to consult with a professional.

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