Refinancing your mortgage can reduce your monthly payments and save you money over the life of the loan.
To qualify, you’ll have to meet a lender’s guidelines. Refinancing with bad credit can be challenging, but not necessarily impossible.
Lenders have different requirements. You might not be able to refinance through one company, but another might approve your application.
If you have an FHA, VA or USDA loan, look into streamline refinance options. You won’t need a credit check, income verification or appraisal.
Getting a cosigner can help you get approved, but not making your loan payments can damage your co-signer’s credit and your relationship. Think it over carefully.
You might be able to boost your credit enough to qualify for a refinance. Check your credit reports for errors, pay your bills on time, reduce your debts, then try to refinance.