We will be reviewing a bad credit mortage refinance specialty lender today. Credit Help Services is a lender who specializes in lending to people with bad credit who want to buy a new home or refinance an existing mortgage. CHS was very helpful and really displayed a solid history of helping people with bad credit refinance. They have been in business for 20 years and are very busy with interest rates being so low.
We spoke with them today and they laid out a comparison for us. A traditional mortgage of $200,000 for 30 years at 5.1% would cost $1085 a month. For a person with bad credit CHS charges an extra $3000 in closing costs (which can be built into the cost of the loan) and rates are only a little higher at 5.85%. So the same loan to a person with bad credit would cost $1197 a month.
Overall this should be a no brainer compared to other lenders. Many other lenders charge up to 1.5% extra on mortgages for people with bad credit. For $100 a month CHS is a slam dunk.
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