Aug 11, 2009
Bad Credit Mortgage Refinance - Is Now the Time to Refinance?
AUTHOR: Colin Keller
Bad credit mortgage refinance was once very hard to do, especially during the period from October 2008 through March of 2009. In March, President Obama created Making Home Affordable and strongly urged all mortgage lenders to once again start lending money. This is in fact exactly what happened as most banks and mortgage lenders are now starting to give out low interest rate mortgages. If you have wanted to refinance, it is advisable to go ahead and do it now as mortgage rates could move up greatly in the next few months.
If you have been planning on refinancing it would be wise to speed up the process. The increase of the 10 year yield has caused mortgage rates to move up greatly in the last few weeks. If the yields continue to rise, it is likely that we are going to see mortgage rates in excess of 6% very soon. There are still companies out there that are advertising mortgage rates below 5% so it would be wise to contact these companies and see what they can offer you.
Congratulations on taking the first step in getting a lower mortgage rate. The next step is to contact some of the lenders offering low rates and see what they can do for you. You will never know what rates you can get if you never ask.