If you already own a home, you may be able to refinance it and get a new mortgage. The same mortgage lenders that help people buy a home when they have bad credit, will also look at a refinance mortgage application. An experienced mortgage broker can let you know your options. Why would you do this?
Maybe your current lender is not willing to renew your mortgage, because you no longer qualify, have been laid off, or you can’t prove your income.
Maybe you want to do some renovations to your house.
Maybe you want to use mortgage funds to pay off other high interest debt, like credit cards or car loans.
Maybe you need extra funds for a personal or family matter, like tuition, vacation, business capital or a home renovation