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Our loan specialists are ready to help you get the best mortgage rate for good or bad credit.
 Refinancing after recovering from dings on your credit allows you to enjoy the most competitive rates.
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Mortgage Bad Credit Rate
What is the current bad credit loan mortgage rate?
Mortgage rates vary on a daily basis. Generally, buyers with bad credit will qualify for a home loan, but the rate and term that is offered will be slightly higher than rates offered to buyers with excellent credit.
If your credit is poor, we have loan programs for financing 90-100% of the purchase price at rates in the range of Prime Rate plus one percent. For a quick no-obligation check of rates, call us toll free at (877) 356-8887 or click here for a two minute information application for a free consultation and see just how much house you qualify for, even with bad credit.
Recovering from poor or bad credit
Did you have poor credit in the past? Another big group of potential refinancers consists of people who had problems with their credit when they bought their homes a few years ago, and have cleaned up their act and raised their credit scores since then. They may have a rate of 8 to 11 percent, depending on just how bad their credit was. If you had credit problems in the past and have a mortgage rate that is higher than the going rate, you should consider refinancing that loan. The amount of money you would save is phenominal!
At First Equity, we have found that it often makes financial sense for someone with a poor credit history to go ahead and buy a house, then pay all bills on time for three years. After two years, they should have their credit in shape and should go ahead and do an orderly refinance at the prevailing rate for borrowers with good credit. They can get 30-year loans but ask their loan officer to put them on schedule to pay off the loans in 27 years. Now they have re-established their good credit rating, and, in most cases, will have a mortgage at the same rates as if they had never had any credit problems.
Is it time for me to refinance?
See if refinancing is right for you. Most refinancing can be completed in as little as two weeks and we do all of the work. Call your First Equity loan officer today toll free at (877) 356-8887 or click here for a two minute information application for a free consultation and see just how much money you could be saving next month.
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