Will I be able to turn my sub prime mortgage into something better in a year or two?

If you make your  payments on time and your credit situation improves, you should be able to refinance at a lower rate. But if your credit doesn't improve, just paying the mortgage on time won't help much. Your credit needs to make a drastic improvement to break out of the sub prime label. Remember, you may want to work with a professional to get your credit report up to par to get the best rate on a purchase or refinanced loan.

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