Refinance Mortgage Rate

Lenders use credit ratings in deciding whether or not to give loans or credit to individuals.  Presently, TransUnion, Equifax, and Experian are the three main credit bureaus.  The agencies use the Fair Issac Credit Organization (FICO) scoring method to determine one’s credit rating.  FICO scores range from 300 (high risk) to 900 (no risk).  These scores are calculated by the number delinquent payments, the size of previous lines of credit, the kinds of credit lines, how long the consumer has had lines of open credit, and the percentage of total credit that is currently being utilized.  Many lenders refuse … Continue Reading

It can actually be quite challenging to know when the time is right to refinance mortgage loans. It is a timing thing more than anything else. Get it right and you lock in very favorable interest rates which will save you thousands of dollars over the life of the loan. Get it wrong and you’re going to pay a lot more money than you need to.

To add to our financial stress we also have to deal with the fact that many lenders have greatly curtailed their activity due to the stressed economy. This is in fact the worst economic crisis … Continue Reading