Low mortgage rates have many homeowners considering a refinance. For those with great credit, it’s an easy decision to make.
But for homeowners with less-than-stellar credit, the decision may be more difficult.
However, a lower credit score shouldn’t stop you from refinancing. There are special programs that you may not be aware of that can boost your FICO score and allow you to refinance your mortgage at the same time. Here are four programs you should check out today:
1. Use This Trick To Protect Your Home From Creditors
If You own your home, chances are you have a mortgage. You may also have credit card debt. What would happen if you or your spouse died? Who would pay all the bills? A trick many people do is get an inexpensive life insurance policy to cover the mortgage and credit card debt in case they die.
A term life policy from Bestow Life Insurance is easy and affordable. Plans start at $3/month. If your relatively healthy and between the ages of 21-55 you can easily qualify. There are NO medical exams.
Unless you plan on hitting the lottery, you should think about getting an affordable life insurance policy. Don’t leave your family with a pile of bills that don’t have Ben Franklin’s picture on it.
2. Get Into A Government Backed Mortgage Re-Finance Program
There is a little known mortgage program known as the FHA streamline refinance program. It is available to homeowners with an FHA loan who want to lower their mortgage rate and monthly payments.
It doesn’t require a credit check, home appraisal, income verification, or any money out of pocket. The process is streamlined, requiring less paperwork for a speedy refinance.
You must currently have an FHA-insured mortgage, your mortgage has passed the 210 day waiting period and you must be current on your loan payments.
3. Get A Personal Loan Regardless Of Your Past Credit History
Finding the right personal loan and getting approved can take months. Who has months to wait for a loan? That’s why Even, the leading search, comparison and recommendation engine for financial services created “Fiona”.
Fiona is the fastest, easiest, most comprehensive way to search loans and savings accounts from the top providers. By filling out a simple form, Fiona checks if you are pre-approved and gets the best offers from the top providers for you in seconds, so you can get instantly matched with the right personalized offer all in one place. You can borrow as much as $100,000, with loan terms of up to 7 years. The interest rate you’ll pay will depend on your creditworthiness. It will take you less than 60 seconds to apply.
4. Improve Your FICO Score Instantly
Experian Boost™ was built to help people with no credit or bad credit to improve their FICO scores quickly. You simply register and connect your bank account to the app. Experian Boost™ will give you EXTRA credit for paying your utility and cell phone bills.
You then choose the positive payment information you want on your credit profile. That’s it! Your score should “Boost” instantly. NO credit card is required to register!
If your goal is to get your score higher quickly, Boost should get you there! Results may vary, see website for details.