There is a lot of misinformation when it comes to bad credit refinance. It seems that there are so many experts that are willing to give advice, but how many of them really know what they are talking about? In all probability, only a small percentage of them actually have any idea what they are talking about. For this reason, I have created this bad credit refinance quiz in order to test your knowledge. If you score high on this quiz then you should go ahead with your loan. If you do not pass then you should take some time to learn more before getting a loan.
a) A way to tell when your loan is at maturity
b) A way to tell when you should stop paying your loan
c)A way to tell how long it will take to pay off the cost of the refinance
The correct answer is c. The break-even-analysis will tell you how long it will take you to pay off the cost of the refinance with your monthly loan savings. For example, if the refinance costs your $12,000 and you save $1,000 a month after the refinance, it would take one year to break-even.
a) The one you find in the paper
b) The one you find online
c)The one you find in the phone book
The correct answer is b. While the other two are viable options, the insane competition that exists on the internet can be used to your advantage. However, you will also have to be very careful on the internet because there is also a lot of fraud. Just use common sense and you should be fine.
Getting a bad credit refinance is not as hard as it sounds. With a little persistence and a bit of luck you will be in the home of your dreams before you know it. I wish you luck of accomplishing your goal of being totally debt free.