How do i get a good deal on my house refinance i dont have excellent credit?

Graig
Some strengths that could help you get a good deal would be your debt to income ratio(how much money you make compared to how much your monthly bills are), and the loan to value(how much your loan amount is compared to what your home is worth). If both of those are low then they are considered compensating factors and can actually help you get a lower rate. Also make sure that you don't get charged an excessive amount of closing cost to do the loan. If you go to a broker then they can charge low upfront closing fees because they will get compenstated by the lender on the back end(or yield spread).

Johnathan
The FHA loan is best.KEY TO REFINANCING - research and shop aroundI work with FHA loans, they are not credit score driven. They basically use compensating factors to get you approved. Medical collections are over looked, and instead of being based on your credit score the FHA underwritings ask you to write letter explaining what events in your life triggered your late payment, or credit card collection, or bankruptcy.Not many people know about this FHA loan but it really helps. Rates range from 6% - 7.5% fixed rates or 30 or 15 years.Not everyone can be approved, but it is your best shot with low credit scores because the sub prime market is going through a bad time.

Hae
Best thing to do contact a Mortgage Broker or walk into a bank and fill out a application. That way you will know what you qualify for. Brian is right inregards to Debt to Income and Loan to Value, and keep in mind there are loans out there for Borrowers with credit scores as low as 500.Take the time to talk to someone, it usually takes 15 min.

Benito
Brian is pretty much accurate if you are considering subprime lending.You are asking for a refinance. I dont know your loan FHA, VA will refinance your loan without credit and income qualifications. This is a streamline refinance and you cant have cash out. Who is your lender and the type of loan you have? You can streamline Fannie Mae Freddie Mac products with most lenders if you give it back to them.If you are subprime Brian is spot on. If you can go conforming Brian is 100% wrong. The reason I bring this up is Brian gave great advice and I have him a thumbs up. But nobody can answer this question correctly. There is way too much more information that is needed.

Anika
Depends what is the purpose of refinance- cash out or better rate.Contact a mortgage broker or local bank and you willfind out.