Filed under: refinance.
It’s true that if you have less than stellar credit you can have trouble refinancing. However, it’s not always impossible. The first step should be to try and refinance with your current lender. If you’ve made all your payments on time and have been a good risk for them, then they may be willing to work with you. You can apply for a refinance on their website in most cases, or you can choose to call and speak to one of their representatives directly. You won’t be charged to apply, so it may well be worth it to see if you can lower your interest rate and monthly payments by refinancing.
If they’re not willing to work with you, then your next step is to identify which lenders are typically willing to refinance with bad credit. It used to be that many lenders took these sorts of risks, but after the housing crash we’re finding more and more lenders who have very strict criteria to give out loans. However, there are still a few that may be willing to work with you. Remember that you’ll likely pay a higher interest rate than those with good credit, though it could still be less than what you’re paying now.