Posted: 30 Sep '17

Is Now a Good Time to Consider Mortgage Refinancing with Bad Credit?

Mortgage Refinancing with Bad Credit
If you have 20% equity in your property, a mortgage refinance can be a great way to reduce interest, unlock some cash, or lower your monthly payments. Are you worried because you have a lot of consumer debt? The key to mortgage refinancing with bad credit is equity in your home. Here's what you need to know about obtaining a mortgage refinance with bad credit.

How Can Refinancing Help You Consolidate Debt?

Many people overestimate what they can afford on their salary and end up getting a little too deep into consumer debt like car payments, credit cards, loans, and lines of credit. Instead of considering the total cost of the debt, they only consider whether they can afford the monthly payments -- which, over time, begin to add up.

Mortgage refinancing with bad credit allows homeowners to consolidate their debt payments with their monthly mortgage payments, thereby reducing the interest rate on the original consumer debt. Refinancing can also lower homeowners' monthly payments making monthly cashflow obligations easier.

Why Now is a Good Time to Consider a Mortgage Refinance with Bad Credit

With high interest consumer debt, time is money that you are spending on interest costs. The sooner you obtain a mortgage refinance with bad credit, the sooner you can lower your monthly interest costs for your family. This means that even if you owe a significant amount of consumer debt, you may have enough equity to consolidate or pay off all of your debt. If you have poor credit and are struggling to make your monthly debt payments, there's no better time than now to use your home equity to improve your financial situation.

Obtain a Mortgage Refinance with Bad Credit

Are you considering refinancing your mortgage to lower your monthly payments and reduce debt but think you can't qualify for a mortgage refinance with bad credit? We can help. Contact our Edmonton office today for a free, confidential consultation.

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