is it possible to get a lower interest rate on my mortgage if my credit is not good?

Answer 1

Yes, it is possible. With the limited information you have provided though, it is tough to say how likely it is.

1. Is your credit significantly lower than when you got your last mortgage?
2. Is your loan-to-home value ratio lower now than when you opened your last mortgage?

If yes to the above, then your chances are better. If your house has not appreciated significantly and you have been late on mortgage payments...probably not.

Answer 2

Depends upon what your initial interest rate was, and when you got that mortgage. Rates are currently low historically at the moment. If you obtained your mortgage some time ago when the base rates were higher, you might well be able to refinance at a lower rate. Paying discount points can help, but you might be better served discussing with a company that specializes in "b" lending/subprime lending, such as American Equity Mortgage, The Lending Center/First NLC, Ameriquest or Full Spectrum Lending. Your credit score will provide you the salient factor as to your rate, so they can give you a clue of what your are looking at.

Answer 3

Probally not. When you have bad credit- it is risky for anyone to lend you money. For someone to take the chance that you might not pay regularly if at all, you pay an extra price.
If you have good credit- no risk for the bank- they want to loan you money- you will probally pay it back.

Answer 4

No. What would motivate a lender who thinks you won't pay him back to give you credit anyway? Even worse for him would be to give you a good deal on that riskier loan.

Try borrowing from a family member instead.

Answer 5

Pay points and a few other useless fess

Answer 6

pay points.