What should you do next?
Mortgage calculators can assist in estimating how much you can afford for a home and mortgage. Using calculators before home shopping can help you save time and avoid problems later. Even with credit problems, you may be able to refinance your home to improve your financial status. Even with poor credit, if the current market value of your home is greater than the remaining loan amount, you have a good chance of being approved for a refinance loan. In many cases a refinance loan can lower your monthly mortgage payment, lower your interest rate, and/or allow you to take cash out at closing. Read more about refinancing with credit problems here, or conduct a search for mortgage companies that are taking applications for refinancing from people with low credit scores.