subject: Poor Credit Remortgage - 4 Tips For Poor Credit Refinance! [print this page] Author: Al Hardy Author: Al Hardy
Why would you want to do a Poor Credit Remortgage? There are many reasons why you would want to remortgage if you have poor credit or even if you have good credit. But not all remortgage deals are the same, you need to do your research so you can get the best remortgage deal.
A remortgage or refinance of your mortgage could let you take the advantage of the built up equity in your home. It could also get you a better interest rate especially if you financed the purchase of your home with an introductory rate and the introductory is up. A Poor Credit Refinance could also help you to reorganize your card credit bills and debts.
How would a Poor Credit Remortgage of your home loan save you? It is hard to say on an individual basis but for many people it could save them hundreds or even thousands of dollars annually.
How do you find the best deal for you? Here are 4 tips that you can start with but you will need to do further research.
1. Do your research.
The first place to start is with your current mortgage holder. Check with them and see what kind of deal they can give you. They may want to keep you as a customer but let them know you are checking around with other companies. Take the deal they offer you and see if you can find another company that would beat it. One of the best places to do this quickly and easily is the Internet.
2. Watch your remortgage costs.
There may be remortgage costs associated with the refinance of your home loan. Each remortgage lender will have different costs. Some will tell you that they will no low or no cost closing fees but their interest rates may be a little higher. You need to make a spreadsheet and list the interest rates and closing cost of each lender.
3. Consider the number of years of your mortgage.
If you are going to refinance your mortgage then you need to determine how many years you are going to do. Try to stay away from just getting a short term loans such just for 1-3 years. The lower interest rate for a short period of time may not save you enough money to cover the closing costs. It would be best to do a 30-year mortgage or at least a 15-year mortgage that is amortized over 30 years.
4. Keep checking on remortgage deals.
Interest rates can be changing daily if not on an hourly basis. The research you did yesterday may not be the same as today. Keep checking with the remortgage lenders each day and see what they can offer you today. When you think you have the best deal you can get then you need to lock it in.
You may have seen the low "teaser" rates that are advertised on the TV or newspaper ads. The rates are usually for short period of time and they are for people with perfect credit. Your interest rate will be higher than most people because you are doing a Poor Credit Remortgage.About the Author:
For more free advice on Poor Credit Remortgage, visit us at Poor Credit Remortgage where we provide that and much more in regards to remortgaging your home loan. You can also find more information if your have less than perfect credit at Poor Credit Refinance.
