If you have bad credit or a low FICO score, you're no doubt doing everything possible to turn things around. But if you have an adjustable rate mortgage (ARM), paying off your debts and cleaning up your credit is about to get a whole lot harder. If you started your ARM in 2003 or 2004, you're getting close to the end of the "freeze" period for your mortgage, and with rates on the rise, could soon find yourself paying hundreds of dollars more per month. Now, before those rates go up, is the time to lock in a new 30 year fixed mortgage at the current rate.
"People who have had problems with credit often shy away from refinancing because they don't think they'll qualify, but there are companies out there willing to help. You just need to know where to find them," says Jeff Bartlett of National Home Savings.com, a Web-based company that's in the business of matching people with lenders interested in doing business with them.
Instead of going from bank to bank, only to be disappointed when you're turned away, you can log on to www.nationalhomesavings.com, fill out a quick and easy online form explaining your situation, and be matched only with lenders willing to do business with you, despite the blemishes on your record. "After you fill out the form, lenders will contact you by phone or e-mail, your choice, and let you know the best deal they can offer. There's no personal information required, no credit check and no obligation," points out Bartlett.
In addition to linking people with lenders, the site also serves as a resource for people considering a home purchase, refinance or debt consolidation. Log on to www.nationalhomesavings.com to view helpful articles, access a mortgage calculator, and to find a link to a site where you can obtain a free credit report.
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