Bad credit, in a lot of people’s minds, means that they won’t be able to take advantage of lower interest rates or of shorter terms that many lenders have to offer at various times. This means that many people never even think about refinancing their mortgage in order to help them combat their high monthly outflow of money and, perhaps, even save a bit of money in the process.

Thankfully, more and more companies are beginning to offer refinance (and first loan) packages to customers that have less than perfect credit scores. This means that more people can now qualify for the benefits that a refinanced mortgage has to offer and will be better able to make the monthly payments than before. However, there are generally a couple of hoops that people with bad credit will need to jump through in order to qualify for the refinance.

The hoops that you will generally need to jump through aren’t anything special and generally only take a few minutes of your time. Some lenders, if you are already their customer, will require that you have made your payment on time for a period of six to twenty-four months. And most lenders that deal with less than perfect credit will require that there be a proof of income at least double what your mortgage payments would be. By checking these two points of your debt history, special lenders will be able to make an educated guess as to whether or not you will make your payments on time and be able to afford the costs.