People choose to refinance their mortgage for many reasons. They may be looking to raise some money for some home improvements, to consolidate other loans and credit cards, or they may even need to prevent foreclosure on their property.
If you have bad credit, it can sometimes be difficult to find a lender that would consider your application for a second mortgage. However, there are lenders out there that will be able to help you, whatever your circumstances.
These lenders will look at the equity you have in your home, and the value of any land you own, and make their decisions based on this, rather than your credit history. As long as you can prove that you can afford the repayments, and you have enough equity, then this may be enough for some lenders to consider your application, even if you have been turned down elsewhere in the past.
If you need to raise some money quickly, then it is usually a good idea to approach a direct lender rather than a broker, as they will be able to get the funds to you quicker. A direct lender will be able to make the whole application and approval process run much more smoothly.
This is important if you need the money for emergency repairs to your home, or if you are facing foreclosure. Direct lenders may also be able to offer other services such as buying your home outright and allowing you to continue living there by renting it back to you.