Home Refinance - Fix that Bad Credit
May 12th, 2007 | by ScottIt appears that you're new here, if you like what you read, please subscribe to the news feed or sign up for the Leap eTips news and updates email list. Thank you for visiting :)
I recently posted about how bad credit can interfere with you web site plans and growth, and used a friend’s story as an example. He emailed me to say I should have offered another piece of advice for readers, which is using home refinance to help with their bad credit.
As he reminded me, many people have credit problems because of high interest rate loans and credit cards, since you can get fixed rate home refinance loans at around 5.6% right now, and even lower rates if you go with an ARM (adjustable rate mortgage) using the value of your property to clear up other debts–especially those with high interest rates–is a good idea.
After getting his email, I called him to ask if he would recommend any resources I could offer when mentioning this. I don’t like to just say “look into this or that” without providing at least one link to a reputable source for my readers–and since my friend and his wife have property on both the west coast and down near Miami, I figured he’s probably worked with someone he could recommend.
His reply was fast, he said people’s first stop should be refinance.com. When he looked into mortgage refinance in California to clear up some debt on his credit, and also when he wanted to refinance a mortgage in Florida just to get a better rate; that site had all the information and tools he needed to make informed decisions with.
I checked the site out before writing this, and it does look like a comprehensive all-in-one resource. There’s a library of mortgage and loan information available there, as well as financial calculators, up to date loan rates and you can get a free instant refinance quote there too, which I think is pretty neat.
I also looked and found that they offer information and resources for home owners in every state, which is pretty impressive since so many things can differ from one state to another on refinancing and loans.
If you’ve got some credit problems that you worry might hurt you in the future of your web site or business, and own a home I’d say it’s worth your time to check out refinance.com and see if refinancing would be helpful to you.
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One Response to “Home Refinance - Fix that Bad Credit”
By bob on Dec 5, 2007 | Reply
I so agree with this. When I first went to get my second house, my credit was not in the best of shape. It was okay, but not getting me the best rates.
So I went out and got my three credit reports from all of the bureaus and went to work using the old fashion and most reliable way. I first did some debt consolidation and then went on to write to each of the bureaus disputing each and every delinquency.
For those that don’t know, they have to follow up on each dispute. If the respective creditor doesnt reply within 30 days they have to remove it (charge-offs and bankruptcy) are a bit harder but can at least be noted that a dispute was not validated).
When this is done, you can get a solid rate as your credit score will increase.