1. How to
Refinance
Mortgage with
Bad Credit
No matter how you whacked your credit Contents
record and what the reasons for this were,
Introduction…….......................……......1
the bottom line is that this makes borrowing Find out about the Costs...................2
harder and more expensive. This does not Plan Properly.……...........................…..2
Investigate the Lenders......................2
mean that lenders are disinterested in your
Negotiate Terms..................................3
business though. In fact, some specialize in Conclusion...........................................3
high risk lending because they make more
money out of interest. This levels the playing
field for mortgage refinancing at your end.

2. 2
Find out about the Costs
Some banks are excellent at charging for every detail, and
sometimes this is hiding in the small print. In most cases, a
refinancing mortgage is tantamount to a whole new deal,
and you will be paying start-up and administration fees
again. Ask questions, and get answers in writing from
lenders too.
Plan Properly
Get your affairs in order as best you can. Obtain copies of your credit records with
bureaus like FICO, Equifax, TransUnion and Experian. Pay off any small debts that you
can afford, and agree repayment plans with all your other bad-debtors. You will be
amazed at how easy it can be to polish up your record.
Investigate the Lenders
Hop onto the internet and Google for strings like
“bad debt+credit record+refinance”. Draw up a short
list of lenders with offices in your town, and start
making applications. The shotgun approach is best
here – you will get rejections, but eventually you will
find the lender you are looking for.

3. 3
Negotiate Terms
Borrowers are relatively scarce right now and financial
institutions have funds they need to lend. Just because your
credit record has a dent or two is no reason to hang your
head down low either. Do not accept the scraps.
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