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The great irony in today's mortgage market is that even someone with bad credit today, can improve their payment situation over an ‘A Paper' loan that they secured in 1987. Basically, even the lowest rates from years ago are higher than the highest rates available today. This has led to the refinance boom that has been going on for the last several years. If you have current credit issues but still want to know if refinancing your home would be a good move, talk with a broker about refinancing your mortgage with bad credit. You can even start on your own.
Get a hold of a mortgage calculator and do the math for yourself. Use it to compare your original mortgage rate with one you could acquire today on a mortgage with bad credit. You may find that even in the face f your current credit problems, you can improve your rate and reduce your monthly payments greatly. Don't waste another day being scared of your bad credit. Look into refinancing your mortgage with bad credit and improve your monthly housing expenditure.