Home Loan Refinancing - What Lenders Don't Want You To KnowRefinancing lenders seems to hold all the cards. They have the money and their own system for determining which type of credit you can qualify for. What lenders don't want you to know is that you can improve your credit rating in a matter of days. Good Credit Factors Good credit does not mean perfect credit. People assume a 30 day late payment means poor credit. Not true. You can still have good credit score if you have two 30 day late payments on a credit card or one 30 day late payment on a car loan within the last three years. After three years, the payment history will drop off your credit report. While you don't want too much debt when applying to refinance, having a credit card can help your credit score. Have at least one credit card and make regular payments on it. If you are worried about the interest charges, pay off the balance every month. Those regular payments establish your credit payment history, a large factor in determining rates. Ways To Boost Your Credit Rating Besides paying your bills on time, there are some quick ways to raise your credit score. First off, close any open credit card accounts that you don't use. The less available credit you use, the better rates you can receive with mortgage lenders. Second, include a note in your credit history explaining the situation for any late bills, foreclosures, or bankruptcy. Lenders will offer lower interest rates if the reasons were due to extenuating circumstances. Lastly, check your credit report for errors. Creditors and credit reporting agencies make mistakes. Their mistakes can cost you thousands in interest charges, so get a copy of your credit report and read through it carefully. If you find a mistake, contact the creditor to have them fix it. Refinancing Alternatives Refinancing isn't the only way to tap into low interest rates. If you simply want to access your home's equity, then a home equity loan might be a better choice for you. Home equity loans offer flexibility to withdraw funds and pay them back. You can also write off the interest on your taxes, just like with mortgage interest. To view our recommended sources for refinance mortgage loans online, visit this page: Recommended Refinance Mortgage Lenders Online. Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Tue. March / 19 / 2024 30-Year Mortgage Rates Move Higher for a Third Day Investopedia Pros And Cons Of Refinancing A Car Bankrate.com How to Refinance Your Mortgage NerdWallet Will Interest Rates Go Down in April 2024? | Mortgage Rates Forecast The Mortgage Reports When to Consider Refinancing Your Mortgage Business Insider Mortgage Rates This Week NerdWallet Current Student Loan Interest Rates in March 2024 Business Insider Mortgage Interest Rates Today, March 16, 2024 | Rates Tick up Business Insider Mortgage Interest Rates Today, March 14, 2024 | Rates Are Still on Track to Go Down This Year Business Insider Mortgage Interest Rates Today, March 17, 2024 | Sticky Inflation is Keeping Rates Up Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Mortgage Interest Rates Today, March 13, 2024 | Rates Are Back Down Following Yesterday's CPI Report Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet Best Mortgage Refinance Lenders In 2024 Bankrate.com Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider Mortgage Interest Rates Today, March 15, 2024 | Rates Drop for Second Week in a Row Business Insider Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool Rates drop - Mortgage rates for March 11th, 2024 Bankrate.com Current mortgage refinance rates CNN Underscored When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Mortgage Rates Dip Below 7%. Recent Homeowners Race To Refinance. Realtor.com News Current 15-year refinance rates — and lenders that offer them CNN Underscored The best mortgage lenders for refinancing in March 2024 CNN Underscored How To Get Equity Out Of A Paid-Off House Bankrate.com How To Refinance An Underwater Mortgage Bankrate.com Mortgage Rate Forecast February 2024 Bankrate.com Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau What Credit Score Do I Need To Refinance? Bankrate.com 30-year refinance rates: What to know CNN Underscored Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Mortgage Interest Rates Today, March 12, 2024 | Rates Are Down, and They May Drop Further in the Coming Months Business Insider CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Should You Refinance Halfway Through Your Mortgage? Bankrate.com Mortgage Applications Increase By 7.1% Amid Rate Drop, Refinance Activity Spikes National Mortgage Professional Mortgage Interest Rates Today, March 11, 2024 | Rates Are Down. But High Inflation Could Send Them Back Up. Business Insider The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics - Auto Loan Refinance Tips Bankrate.com 10-year refinance rates: What to know CNN Underscored
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