Refinancing with bad credit is possible, but it may not be easy, or cheap. Here are some things to consider if you're thinking of a mortgage refinance and you have bad credit.

There are lenders that help people with bad credit get a mortgage, but it will usually cost you more than if you had a higher credit score. A low credit score tells lenders that you may be a risk, and to offset this risk, you'll be charged a higher rate and may not be able to borrow as much.

If you have bad credit you may end having to settle for a subprime loan. A subprime loan usually has an interest rate higher than a loan for those with better credit, and they usually have more upfront costs. However, the mortgage refinancing market is very competitive, and with some shopping around you stand a very good chance of finding a decent refinancing deal, even with bad credit.

Searching on the Internet is a good place to start your search for a refinance loan if you have bad credit. There are places such as Lendingtree that have over 200 mortgage lenders in their network. Many of these lenders have programs which are designed for those with less-than-perfect credit. Filling out their online application form will get you matched up with 3 to 4 lenders that fit your criteria.

Upon filling out an online application, you'll then be able to discuss your situation with several refinance mortgage lenders, to see what your options are. Most lenders will be able to present you with offers that you can compare with other offers to see what will work for you.

If you have the unfortunate situation of having bad credit, good knowledge is the key to knowing what is good for you and what is not. Speaking with a several lenders will help you in finding the best refinancing loan possible for you. You can ask all the questions you want, and get the answers you need, without spending a dime!