Houston Credit Repair expert Vanessa Perry owner of Impeccable Credit Services explains the truth about refinancing a home with bad credit in the latest episode below of Ask Impeccable.
When you consider refinancing a house you will have to pay closing costs twice. Closing costs range three to six percent. If you are refinancing the same year of purchase that can be a total of six to twelve percent in closing costs alone. That percent in closing costs could easily be put toward a down payment of a home. Rather than getting a house that you will need to refinance down the line it might be best to wait.
Wait For The Best Rate
Rather than spending more money on refinancing you may want to consider repairing your credit for the best rate. If you put in the time it takes to restore your credit you can qualify for the best rate. To qualify for the best rate you will need a 740. In some cases if you are stuck in a home with a high interest rate you might want to consider selling your current home and getting into a new home rather than refinancing when your credit is Impeccable. Either way you will have to pay closing costs.
Houston Credit Repair
Make sure if you are considering refinancing you contact Impeccable Credit owner Vanessa Perry first to hear about all your options. If your credit does not qualify for the best interest rate on a house you should consider waiting until you get your credit restored to get the best rate and save money. Impeccable Credit Services is a trusted name in the credit repair industry. Impeccable Credit Services has two physical locations and over 16 years of experience. Owner, Vanessa Perry was in the mortgage business prior to owning Impeccable. Vanessa is all about saving money and getting the best rates.