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Bad Credit Home Mortgage Refinance Loans Things to Know

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Bad Credit Home Mortgage Refinance Loans Things to Know

The number one reason people seek out a home mortgage refinance loan is to obtain a loan with a lower interest rate. Doing this with a good credit history is no problem for a homeowner but for someone with a bad credit history, it is a whole different story all together. This however, doesn’t mean that it is impossible to achieve. Rather; it only means that some homework is required to successfully obtain a bad credit home refinance loan with a lower interest rate.

Get Copies of Your Credit Reports

Step number one should be to obtain free copies of your credit report from all three major credit reporting agencies in the U.S. They are obligated by law to provide you with one every year upon request. The number one most common mistake found on a credit report, is showing negative information that has passed its time limitation.

A Seven Year Time Limit

The longest time that negative information, other then a bankruptcy can appear on your credit report is seven years after the last action that was taken on the account. This means that seven years after you made your last payment on any account that is shown on your credit report, it can no longer appear on your credit report.

Don’t Fall for Bad Credit Scams

Never waste even a dime on any come-on that promises to erase bad credit. They are all scams and even the most reputable services of this type merely do what is described in the above paragraph. The worst of these con scams are the ones that promise to erase a bankruptcy from your credit report. There is only one way to get legitimate negative information off your credit report and that is time.

A Home Loan Mediator for a Bad Credit Loan

After you have done your best to dust off your credit reports, the next best move you can make in obtaining a bad credit home refinance loan, is to procure the services of a home loan mediator. With bad credit, you are at an extreme disadvantage trying to search out a quality loan on your own. A home loan mediator can quickly and expediently present you with far more home refinance loan options for you to compare and will also assist you in deciphering terms and clauses in their contracts.

Article written by Cassandra Hepletin. Here you will get all the details you need on

Bad Credit Mortgage Loans

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