Question by edawg32: With the Federal Interest rates so low can I refinance into a lower fixed rate with not so good credit?
I bought my first home from my parents about 2 years ago. The loan at the time was 8%. With the federal interest rates so low is it possible to refinance my fixed rate loan to a lower interest rate with not so good credit. I have a few lates on my mortgage along with an apartment eviction this year and collection accounts. Am I doomed to fail?
Answer by Justin S
No you will not be able to refinance in this market most banks are only lending to those with stellar credit and some are not lending at all with a credit history like yours you aren’t gonna get anything better than the 8 percent you have now
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