Do you have an existing home loan, and are you having a hard time paying for it? You might be interested to know your mortgage refinancing options.
If you want to refinance your existing home loan, but your lender is giving you a hard time, consider applying for a credit remortgage. A credit remortgage is the process of transferring a mortgage from one lending company to another in the hope of having lower payments and a more flexible payment schedule. Only borrowers with good credit history are qualified to apply for this loan.
For those with financial difficulties, an adverse credit remortgage could help. An adverse credit remortgage is when you pay off one mortgage from the proceeds you get from another mortgage. This saves you money in the long run because you are given a fixed rate remortgage or a discounted remortgage rate. This type of loan also allows you to receive extra cash that you can use to improve your home, start your own business, etc.
What about those borrowers with bad credit histories? Will they be able to get an approved mortgage? The answer is yes. They can avail of a bad credit remortgage. This type of loan takes into consideration not just the borrower’s credit rating, but his/her overall financial situation. This gives the borrower another chance to fulfill his/her debt obligation.