Having bad credit will certainly limit your refinance lending options but does not necessarily mean that your cause is without hope. By targeting those lenders that appeal directly to individuals with less than stellar ratings you can find the loan that you need and the terms that you desire. There are several things that you can do to both make this process easier and ensure your success.

While you probably have an immediate need of funding or a lower mortgage rate, the reality is that it can take several weeks to several months to close a loan. Taking one month to buckle down and clear up a few easily resolved dings on your credit report will certainly give you a boost. Make certain to request a copy of all three of your credit reports from the credit reporting agencies so that you can give yourself a thorough review before your application is submitted and reviewed.

Often there are errors on credit reports that account for at least a small portion of the reasons for a lowered score. Make sure that everything that has been reported is accurate and that any payments that you have made have been accounted for. If you find that there are charges or debt present that should not be attributed to you, contact the credit agency to begin the process of having these removed.

Because this part of the process can be time consuming, make certain to document your progress thoroughly, and to request any available documentation from the companies that you are dealing with. While the issues are not likely to be resolved before you submit your application you can have written proof that it is an error and that you are working to resolve it. Copies of this can be submitted along with your application and may prove beneficial when it is time for you review.

If there are smaller charges that are feasible to pay down, go ahead and take care of them. Many times people find that there are minute amounts of debt that were overlooked that now have a significant impact on how they are rated. When you do begin to make payments however, make sure to follow up with the related reporting agencies to verify that the status is upgraded to paid in full.

When gathering this documentation make sure to get all other necessary attachments together as well. This would include pay stubs and possibly a statement of the past year’s earnings such as tax returns, personal identification, and proof of residence for several years. Having all of these things on hand early will help you avoid having to scramble around last minute and deal with unnecessary delays.

Search online for lenders that are able to overlook you poor rating. Make certain to read the ratings and reviews to ensure that you will be working with a reputable institution. You can also use a broker to help you shop around for the best deals, but it is important to find a seasoned and qualified broker who puts your needs first. You can read online ratings and reviews to guide you in your selection here as well.

There is available refinance lending for individuals that do not have ideal credit ratings. If you take a few extra measures before submitting an application you can locate a lender that will offer terms that you find desirable. With a little extra diligence you can nab a loan that offers you security both now and in the future.