Loan Refinance to get out of your current Mortgage

Loan Refinance (Referral only)
In some instances, AFS may be able to refer you to a licensed refinance company. This will depend on your income, credit report, the value of your home, the amount of your equity and your current financial position. Although it might be difficult to secure new financing with a default on your existing mortgage, it is not impossible.
Do you think you can’t get refinanced because of your bad credit?
Most people don’t realize that even if their credit is bad they may be able to secure financing. A refinance company may look at other things like Equity, the reason your credit is bad, how your current financial situation has changed and your last 12 months of credit history. These criteria can out weigh any credit score. The overall credit score sometimes does not give a true picture of your financial stability. You may be able to improve your credit score by disputing inaccurate items in your report. You may be eligible for refinancing even though other mortgage companies have turned you down.
When is the time to refinance?
You need to look seriously at refinancing when you need to lower your payment, when you need some cash, and if you have an Adjustable Rate Mortgage and it is nearing maturity. These scenarios are perfect examples of when and why to refinance.
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