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Home Equity Loans Bad Credit  To determine how bad credit impacts your refinancing options, consider whether your credit was better, worse, or about the same when you originally financed your home. If your credit was better and helped you qualify for a low rate, refinancing when your credit is worse makes little sense. If your credit is better now, but still not great, you should analyze how much you could really save by refinancing now as opposed to waiting until you have time to improve your credit even more. If your credit is at about the same level now as it was originally, trends in the market will have more to do with how much you can or cannot save by refinancing your home.Of course there are other considerations, such as whether your current home loan requires you to pay mortgage insurance that refinancing could alleviate; the type of loan you have; an introductory 'pre-pay' period that may be about to expire; and additional factors that your loan officer or financial planner can explain.
