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Hello. My wife and I bought our house about 6 months ago. It was a foreclosure and we were able to get a great deal on it. We also took advantage of the 8K tax credit so that definitely helped. We did an extensive remodeling job and now I want to refinance to cut the term to a 20 or 15 year loan. Does anyone know any good sites for mortgage information? Thanks!
Mike
refinance loan term
Hi Mike,
You can try refinancing the loan to lower the interest rates. However, to qualify for that, you need to have a good credit score. Refinancing a mortgage changes the current mortgage terms with a new and favorable one.
Hope this helps.
Regards,
Aaron
When you go to refinance, you need to pull all of your credit reports with credit scores. You wan to have a score up over 720 range. To get prime interest rates. The higher the better because often the score the lender sees is 50 or more points lower then what the consumer sees.
Be sure to ask the lender what scores fall in the range for prime rates.