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Many people in this time of economic strife are finding themselves with the need to refinance their homes for one reason or another, primarily due to unaffordable hikes in their interest rates and monthly payments. You may have checked your credit scores and found that yours are lower than what most lenders would like. What do you do? Can you Refinance With Poor Credit? For those who have a solid credit history, or maybe even a spotty credit history but have a decent credit score, it is definitely easier to achieve their refinancing goals. Obviously the higher your credit score, the lower your interest rate and the more likely it is you will be approved for refinancing. But what about those with poor credit, how are you supposed to refinance with poor credit when banks have been generally reluctant to approve the vast majority of loans in this economic downturn? However, it is not completely impossible to refinance with poor credit, it is just going to take a lot of work and phone calls on your part to make it happen. But you can save money if you know how to refinance with poor credit. If you do have poor credit and are trying to refinance your home, unless you have the time needed to clean up your credit report -- which, unfortunately, most people do not if they are in need of refinancing -- then you are likely not going to be able to get a loan through any other lender than your current mortgage holder. The reason for this is that banks are not as willing to take on any significant risks given their part in the financial collapse of the housing market. This is especially true if you are late on your current home mortgage. The good news is, that the federal government has put provisions in place to help homeowners who find themselves in dire straits so that they do not end up in foreclosure -- which costs everybody more money than necessary and often results in you being kicked out of your home. In order to take advantage of the new federal help available, you are going to have to call your current mortgage company and ask to speak with a loan specialist. Once you have the specialist on the phone, tell them you would like to refinance with poor credit and are seeking information on a loan modification agreement. These agreements vary by lender, but if you do not delay once you realize you need to refinance, your chances of being able to negotiate your current loan terms are going to be much better. By signaling to your current lender that you do indeed want to make good on your mortgage payments, they are often more than willing to work something out. So do not delay in phoning your mortgage company today! If you have an FHA mortgage loan and poor credit scores you may be able to refinance with a FHA Streamline Refinance Mortgage. You can get more information on FHA Streamline Refinance Mortgage by clicking on the link at the bottom of this article. You have to take action now! You can save money on your monthly mortgage payments and even save your home from foreclosure. Sooner the better, click on the links below to get more information because you can Refinance With Poor Credit! For more free advice on Refinance With Poor Credit, visit us at Poor Credit Refinance Info where we provide that and much more in regards to refinancing your home loan. If you have a FHA loan click FHA Streamline Refinance Mortgage to learn more about refinancing your FHA mortgage.
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