Bad Credit Home Loan Refinance
"Don't let a poor credit stop you from rebuilding your credit or establishing contact with lenders ...
Are you sub-prime? If your credit score is below 620, you are probably considered "sub prime", and will likely pay a much higher interest rate on your loan. Below 620? Expect 3%-5% increase in your interest rate - Consider this, the best interest rate available for a borrower with very good credit ( above 720 credit score), is 6%. If your credit score is below 620 expect to pay 9% or so. This isn't a hard and fast rule but very likely scenario. This could mean spending hundreds of dollars more for your monthly payment.
Are you sub-prime? If your credit score is below 620, you are probably considered "sub prime", and will likely pay a much higher interest rate on your loan. Below 620? Expect 3%-5% increase in your interest rate - Consider this, the best interest rate available for a borrower with very good credit ( above 720 credit score), is 6%. If your credit score is below 620 expect to pay 9% or so. This isn't a hard and fast rule but very likely scenario. This could mean spending hundreds of dollars more for your monthly payment.