If you’re looking to refinance but are concerned about your credit, there are options out there to help. A conventional refinance requires a minimum credit score of 620, but of course, the higher your score, the better your rate.
While refinancing with bad credit will likely mean you’ll be offered a higher interest rate, it might still be a smart move if you can still lock in a rate that is lower than your current mortgage.
If your credit score is lacking and you’re worried about your options, consider the HARP 2.0 or, if you have an FHA loan, an FHA Streamline. Both options are designed to help homeowners with less-than-stellar credit reduce their mortgage payments.