Most banks will be happy to refinance to you even if you have a bad credit score, but your refinance loan will have much different terms and conditions than it would if you have a higher credit score.  The first thing that you will notice is that the interest rate of the loan will be a lot higher.  This is to compensate for your bad credit (which is usually because of missed payments in the past so they are making sure that they get their money through interest in case they end up not getting their money because you miss payments).

Another thing that you will notice in the loan terms and conditions is that your interest rate will increase even higher the first time that you miss a payment.  If you have better credit, then usually they give you a few chances if you happen to miss a payment, but if you have bad credit then mostly likely the first time that you miss a payment your interest rate on the refinance loan will skyrocket.  This is another protection in place in case you get into the old habits of missing payments.  So make sure that you understand this before trying to refinance your loan.

If you are willing to work with these terms, and make your payments on time, then you will be able to improve your score (as well as looking good in the eyes of that specific lender by building a solid history with them) and so you’ll be able to refinance in a few years and get a better rate and better terms and conditions for that refinance compared to this time around.