Is it possible to refinance to lock in a low interest rate with bad credit?My parent's current mortgage loan is a fixed 20yr loan at a 5.75 interest rate. Unfortunately times haven't been perfect and their credit isn't very good, but the mortgage is always paid even if it's a few days late. Im wondering if it would be possible to take advantage of the current interests rates with a little help. I too have had an early history of bad credit but have been able to save 35K, which I would gladly invest in our home to help lock in a much lower interest rate. Any advice is greatly appreciated. Below I will provide as much helpful info as I can. Home value: 1. 530K-1.4M (Various estimating websites such as zillow.com & epraisal.com)2. 697K (Tax assessed value)Loan type and term: 20 Years ConventionalOriginal principal balance: $288,000.00 Contractual remaining term: 10 years, 11 monthsInterest rate: 5.75%Current principal balance: $191,100.79Total monthly payment: $2,573Note: My parents rent the basement and 1st floor for a total of $2950 and my father will have a pension in the range of $3500.June 21 2012 - Riverdale0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.