Keeping a good credit score can be tricky. Even one late payment can make your score drop a lot. If you have bad credit, refinancing a mortgage might seem hard, but it can be a clever money move. Refinancing when you have bad credit can: 

• Make Monthly Payments Lower: Refinancing can make what you pay each month less. 
• Give More Time to Pay Back: It lets you have a longer time to pay back the money. 
• Help Pay Off Debts Faster: It makes it easier to pay back all the money you owe. 
• Get Better Features: You can get more and better choices with your loan. 

Here are five ways to refinance, even if your credit isn’t great: 

1. Talk to Your Current Lender: The bank you use now might help you refinance, even if your credit is not good. They might give you a lower interest rate or let you pay back the money in a way that works better for you. 

2. Short-Term Refinancing with a Specialist Lender: Some lenders are experts at helping people with bad credit. They might say yes more often. You might have to pay a bit more in interest, but it could be worth it. You can start with them and then switch to a big bank later when your credit is better. 

3. Put All Debts Into Your Mortgage: If you have a lot of debts, you can put them all into your mortgage. This can help you because the interest rate for mortgages is usually lower than for other debts like credit cards. This way, you spend less money, making it easier to pay back what you owe. 

4. Apply with Someone Else: If your credit is not good, you can apply for a loan with someone who has good credit. This can make it more likely for the bank to say yes. It might also mean you get a lower interest rate than if you apply alone. 

5. Refinance with a Private Lender: Private lenders are people with a lot of money. They might give you a loan even if your credit is bad. But be careful, because the interest rates can be really high. Try to switch to a big bank as soon as you can. 

To be able to refinance with a big bank, you usually need to: 

• Owe 80% or less of your home’s value. 
• Have paid off all your debts and they don’t show on your credit file. 
• Show proof of all the money you make. 
• Have paid all your bills on time for the last six months. 

Putting all your debts into the mortgage is smart because you pay less interest. Asking someone with good credit to join you makes it more likely the bank will say yes. Private lenders might help when others say no, but be careful because the interest rates can be very high.