If you have bad credit, mortgage lenders are hard to come by these days. But that doesn't mean you have no hope of getting a better deal on your home loan. If you have a bad credit mortgage, mortgage rates may be much lower than the rate on your current mortgage. As long as you have some home equity, you may be able to improve your situation.

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First, complete the form on this site to see where you stand. You won't be required to provide personal information, and you will be able to see what kind of bad credit refinance may be available to you. You may even qualify for an FHA refinance and much lower mortgage rates.

Second, call your current mortgage lender. See if your lender might be able to offer you a better deal to keep your business. The cost of refinancing this way may be lower; a lender that keeps your loan in-house (has not sold it to another firm) may be able to streamline your application with no appraisal.

Third, see if you qualify for a mortgage modification. If your credit isn't good enough to get a refinance, and your house payment (principal, interest, taxes, and insurance) is more than 31% of your gross (before tax) income, you may qualify to get your mortgage interest rate reduced for free. Try the HOPE LoanPort for faster decisions. Lenders that are members of the HOPE NOW coalition work through the LoanPort to render faster help to qualifying homeowners. The self-assessment on the site can help you see if you might qualify for a mortgage modification and keep your home out of foreclosure.