Current Mortgage Rates
Saturday, October 11, 2008
A bad credit refinance will typically have a much higher interest rate (2-6% depending on the borrower's credit) than a loan for someone with excellent credit. People typically do a bad credit refinance for one of the following reasons:
* Bad credit refinance to consolidate bills
* Bad credit refinance to get a lower mortgage rate
You can often get some really good interest rates when you refinance, but you should remember that when a lender considers someone with poor credit he is taking a bigger risk than he would be with someone with good credit. Therefore, you will often find that the interest rates on bad credit refinance deals are higher than the interest rates available on standard refinance packages. However, you can still get some very competitive rates and deals, and you could still save a significant amount of money on your payments.
The pros of a bad credit mortgage refinance: Aside from any possible equity financing you can do with your property, without doubt the biggest upside to a bad credit mortgage refinance is the fact that it is a long-term and cheap form of borrowing. Interest rates are likely to be low and, possibly, can even be fixed. You could even possibly benefit from certain tax advantages from a bad credit mortgage refinance. Because of this, bad credit mortgage finance can allow you to do things financially that may not otherwise be available to you as a person with a bad credit rating. You could use the equity you free up after you repay your original mortgage lender to invest in stocks and savings that will give you a better yield than you are currently getting on the property.
* Bad credit refinance to consolidate bills
* Bad credit refinance to get a lower mortgage rate
You can often get some really good interest rates when you refinance, but you should remember that when a lender considers someone with poor credit he is taking a bigger risk than he would be with someone with good credit. Therefore, you will often find that the interest rates on bad credit refinance deals are higher than the interest rates available on standard refinance packages. However, you can still get some very competitive rates and deals, and you could still save a significant amount of money on your payments.
The pros of a bad credit mortgage refinance: Aside from any possible equity financing you can do with your property, without doubt the biggest upside to a bad credit mortgage refinance is the fact that it is a long-term and cheap form of borrowing. Interest rates are likely to be low and, possibly, can even be fixed. You could even possibly benefit from certain tax advantages from a bad credit mortgage refinance. Because of this, bad credit mortgage finance can allow you to do things financially that may not otherwise be available to you as a person with a bad credit rating. You could use the equity you free up after you repay your original mortgage lender to invest in stocks and savings that will give you a better yield than you are currently getting on the property.
No Cost Refinancing?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Is a Refinancing a Good Deal if it Saves Money?
What is a Mortgage Refinance?
What is cash-out refinancing?
When Does Refinancing Really Pay?
Is a Refinancing a Good Deal if it Saves Money?
What Goes Into the Refinance Decision?
Does "No-Cost" Refinance Make Sense?
Should I Follow the APR on a Cash-Out Refinance?
Does Refinancing at a Higher Rate Ever Make Sense?
Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
Does a Prior Refinance Affect This One?
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
Does "No-Cost" Refinance Make Sense?
Should I Follow the APR on a Cash-Out Refinance?
Does Refinancing at a Higher Rate Ever Make Sense?
Refinance With Current Lender?
Refinancing into a Bigger Loan?
Why Won't My Refinance Go Through?
Should I Consolidate and How?
Does a Prior Refinance Affect This One?
Why is This Refinance 'Cash-Out'?
Mortgage Refinance with No Closing Cost
Should You Rescind Your Refinance?
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Refinancing
- Refinance With Current Lender
- Refinancing into a Bigger Loan
- Why Won't My Refinance Go Through
- Should I Consolidate, and How
- Does a Prior Refinance Affect This One
- Why is This Refinance 'Cash-Out'
- Mortgage Refinance No Closing Cost
- Should You Rescind Your Refinance
- How to refinance a loan for bad credit
- No Cost Refinancing
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- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 6.12% |
| 30-yr. fixed jumbo | 7.62% |
| 15-yr. fixed | 5.88% |
| 15-yr. fixed jumbo | 7.12% |
| 7/1 ARM | 6.25% |
| 5/1 ARM | 6.00% |
| 3/1 ARM | 5.88% |
| 1-yr. ARM | 5.50% |
| 1-yr. LIBOR ARM | 6.12% |
| 10/1 ARM | 8.25% |
| 40-yr. fixed | 7.12% |
*Mortgage Rates Updated: 10/07/2008