Financing policy

Most people suffering from poor credit and mounting debt wouldn't think that getting another loan could actually help them get their finances back on track. If, however, you get the right kind of loan and use it to consolidate your debts, you can significantly improve your situation. Refinancing your home can be the key that helps you not only reduce your debt but improve your credit. If you've decided that it's time to take charge of your finances, talk to Downs Financial. We can help you secure your poor credit refinance so you can begin your journey back to financial health.

Even with Poor Credit, You Can Still Refinance Your HomeOftentimes, heavy debt can feel inescapable. If you can barely afford to make your minimum monthly payments because you're being charged such high interest rates, how can you be expected to ever make a dent in what you owe? If you have high debt and you're only paying your monthly minimum, it can take as much as thirty years to pay everything off, with you spending thousands extra on interest payments in the meantime.

This is where debt consolidation comes in. Depending on how much you owe, you can refinance your home for the amount you need to pay off all your miscellaneous bills and combine them into one low monthly payment. You can even refinance for a little extra and use the cash to make repairs and increase your home's value, or even to go back to school to gain skills for a better job. When you consolidate your debt, you rid yourself of exorbitant interest rates and eliminate the confusion and late fees that often result from dealing with many different bills each month.

If these sounds like a good deal to you, Downs Financial can help you make it a reality. While other lenders might reject your application outright due to poor credit, we're more than willing to work with every client, regardless of their credit score, to help them secure the loan they need. And unlike some lenders who claim to specialize in poor credit lending, we won't gouge you with outrageous fees or outrageously high interest rates. Having bad credit makes it difficult to do a lot of things but it’s not impossible to refinance your home loan. Many lenders specialize in just that. What makes a bad credit refinance loan different from a regular refinance loan.

A bad credit refinance loan will usually have a higher interest rate than a loan for someone with fabulous credit. Usually 2-6% depending on the borrower's credit rating. Keep in mind that lender fees for a bad credit refinance will be higher. However, if you make sure to always make your payments on time for at least two years for a bad credit refinance and take constant steps to improve your credit, you should be able to refinance into a much lower interest rate. A bad credit refinance loan is actually a wonderful way to improve your credit rating. Bad credit refinance loans come in a variety of options and terms. Most often they are fixed rates in terms of 15 to 30 years and most lenders will cater them to your family’s individual financial situation.There are always many pertinent questions to ask when trying to rebuild ones credit. The most often asked question we get concerning this type of loan is when is a bad credit refinancing loan used and why Use a bad credit refinance loan to consolidate bills. Those who have high balances on more than one high interest rate credit card, car loans or other forms of installment debt. A bad credit refinance loan with an interest rate of 12% is still better than paying 21% on multiple credit cards.

Most often loans for bad credit refinance is spread out over 30 years; the monthly payment for the loan would still be lower than the total of all of the individual monthly debt payments.Having bad credit is no fun. But cheer up, America does not have debtor's prisons like in Jolly Old England, and there are credit repair and restoration programs galore. The good news is, if you're still dreaming of getting a home loan, you can find lenders that will work with you. Whether you're looking for bad credit refinancing or a poor credit second mortgage, you may have to absorb higher interest rates. If possible, you should shop around. Researchers say it's hard these days to profile a person with bad credit. That's another reason to not take your situation too hard. Six billion Americans received new credit card offers last year as the national consumer debt topped $2 trillion. That being said, what you can do personally to afford a bad credit mortgage refinance, and at the same time restore your poor credit to the pink