If a home, credit bad, is it easy to refinance home? ? ?

How long it to a home refinanced money to bank? ? ? How process work? ? ?

Responses:

I am a mortgage broker. You can go to easy - loan - application.com to begin the process. Bad credit is an issue, and it will affect the interest rate
Bad credit hurts. It makes getting the loan tougher and right now far more expensive. The bank / loan officer will ask questions about your ets and liabilities what you owe. He will ask for the authorization to pull your credit report. From there he will take your credit score and how much of a loan you are asking for comapring the amount to be loan versus the value of the house or LTV. He will compare it to rate sheets from different mortgage companies an dsee if a prodect works. Right now if your credit is not good. It is difficult to get a loan and your interest rates may be high
Do you know your credit score? Rough estimates, below 600, difficult to refi, 600 - 640, maybe. You say really bad, if you have charge - offs and a number of collection accounts, then most likely you will not be approved for a refi. A refi can be completed in 2 - 4 weeks. The other question, is if you have bad credit, and you refi, your interest rate will be higher than your current rate, so your payments will go up, and what's the point of refi. If you are looking to cash out equity, is that the best thing to do if you are having financial problems? a>
No, it is not easy. Bad credit always hurts

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