May 29, 2024

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Transforming Houses Into Homes

Texas Refinance Loans With Bad Credit in Austin, Dallas, San Antonio, Houston, Corpus Christi, etc

Getting a loan, be it a personal loan for $1000 or a mortgage refinance loan for $25,000, can be painful, if you have bad credit. But it need not be.

If you live in Austin, Dallas, Houston or San Antonio and surrounding areas, chances are, you’ve seen an appreciation in your home’s value. If you are thinking about taking advantage of the equity in your home for a home improvement project, credit card debt consolidation, education, real estate investment, etc – you can still get a loan, even if, you have less-than-perfect credit.

Your FICO credit score (pioneered by the Fair Isaac Corporation) is number between 300 and 850, with 300 being the lowest credit score you can have and 850 being the highest credit score you can have. The national average credit score is around 677.

If you have a low credit score below 650, lenders investigate your credit history, when you apply for a loan and are often hesitant or unwilling to give you a loan.

So – “can you get a refinance loan with a low credit score below 600 in the great state of Texas”? The answer is “yes”.

The key to finding a refinance lender, when you have a poor credit score is to do your research. There are subprime mortgage lenders, who specialize in working with people with low credit scores and problem credit.

A subprime refinance mortgage loan will have a higher interest rate than a traditional refinance mortgage loan, for a person with a great credit score. This is to be expected and should not deter you from getting a loan.

Since subprime mortgage lenders frequently work with all credit types, even a history of Chapter 7 or Chapter 13 bankruptcy will not be a showstopper.