Refinancing With Bad Credit

Refinancing your home loan is a big decision and should not be rushed into. You should do extensive research before you act.

When refinancing, the first thing to consider is your goal for doing so—you might want to lower monthly payments or gain access to equity to buy an investment property, renovate or perhaps put in a pool.

Before you refinance, you should be certain that refinancing will achieve your desired outcomes, and that the benefits will outweigh any costs.

Your My LMI Group broker can help you with the refinancing process. They can crunch numbers on your various options and file any necessary paperwork to transfer your mortgage to a new lender or loan.

Review our refinance checklist and speak to your local My LMI Group broker for more information.

What documents are necessary for you to refinance your mortgage?

When you meet with your My LMI Group broker, you’ll have a better idea of what’s possible in terms of refinancing. They’ll present loan options from a choice of lenders, and then if and when you’re ready, they can help with your application and let you know what paperwork and documentation will be required for the loan you prefer.

When you refinance, your lender will review your credit report and ask for documentation of your monthly income and expenses.

A lender will generally require:

• A valid form of identification, such as a driver’s license, passport or birth certificate
• Provide proof of your income (for example, payslips and a group certificate if you’re employed, tax returns and Business Activity Statements if you’re self-employed).
• Your home loan statement
• Records of living expenses, personal loans and credit cards
• Other documents you’ll need to provide for your mortgage application are records of your other assets, including investment property or shares you own.
• There’s no need to speculate about what you’ll need to refinance your home.
• Contact a My LMI Group broker today and they’ll guide you through the home buying process.