Even if you have a bankruptcy, foreclosure, repossessions or other issues to make your credit score low, you may be able to get bad credit refinancing. Unfortunately if you do have bad credit and a low score, the mortgage interest rate you get will be higher than others and you will have a limited choice of lenders.

When you first decide to buy a home you not only have to find the home you want but you need to find the right mortgage. This could entail contacting several lenders and getting their mortgage loan requirements. If you are trying to refinance and you have bad credit, you priority is to find a mortgage broker. Mortgage brokers have associations with different types of lenders. They know how to find sub prime or bad credit mortgage lenders. They match up your credit information with the lenders requirements and find the best loan for you.

To find a mortgage broker you can either go online or check your local yellow pages. Both have access to many different types of loan programs. Applying online is usually the easiest and fastest but some people are still wary about transacting business online. It is true that you don't know who you are dealing with but online transactions are becoming the norm.

An online broker will look at your information, such as credit rating, income, debts, the proposed loan amount, and the amount of equity in your property, then do the initial search for matching mortgage lenders. Usually you can receive up to three or four quotes from lenders without having to leave your house.

Don't expect to get great rates if you have bad credit. It comes down to the amount of risk a lender is willing to take. Before you apply for a loan you need to make your credit report look as good as you can. Get a credit report to make sure all your information is correct. Each year the three main credit reporting agencies will give you a free credit report. You can also get a free report if you sign up for a credit monitoring service, which might be just what you need so you can keep an eye on your credit score. Pay your bills on time, pay off what bills you can. Don't close any credit accounts, but make sure they are in good standing.

Don't lose hope. If your credit rating is over 550, you should be able to get a loan from somewhere. It might just take a little searching. It might also take a little time if you need to increase your score a bit first. Be patient and stick to your goals.