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Homeowners: Do You Need Great Credit to Refinance Your Mortgage?

You may be thinking that you need perfect credit to refinance your mortgage, but this is not the case.

Most lenders will look at more than just your FICO score when deciding if you are a good candidate for refinancing. In fact, they’ll want to see several factors such as how much equity you have in your home and how much debt you currently have on it. 

If all of these requirements check out then refinancing may be an option for you!

If you are a homeowner and you want to refinance your mortgage, do you need great credit to get the process started?

A credit score and credit history are some of the many things that lenders will look at when deciding whether they can offer you a loan.

The truth is, there are some homeowners who have excellent credit and still face difficulties refinancing their mortgage. This may be because the home has gone down in value or because the borrower has had too many late payments on other accounts such as car loans or credit cards.

Luckily, there are steps that borrowers can take if they find themselves in this situation!

The first step is to work with your lender. They may be able to offer you a loan or other options, that will allow you more flexibility in how and when you can repay the mortgage. Some great examples are government-backed mortgages through veterans affairs programs and FHA.

These types of loans – though not always available – may help people keep their homes so it’s worth looking around before giving up hope.

The last step is to work on your credit score. Credit scores are closely intertwined with the mortgage process, so it’s important that you take steps to improve this aspect of your financial life. The sooner you start working on improving your credit score – by paying off debt and making payments on time – the better

Handshake Home Loans Inc. is here to help. With a broker, you don’t have the same pressure that comes with working directly with lenders and banks, which can be stressful for some people. Our brokers are experts in their field who will work hard to find you the best possible loan match at competitive rates, so you can get your credit score back on track without having to go through all of the trouble yourself.

Give us a call today to see how we work!

Handshake Home Loans Inc.

16260 N.71st St, Suite #450, Scottsdale, AZ 85254

Phone Number: 1 (888) 524-4513

info@handshakehomeloans.com

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Our Handshake to you includes the promise that you will receive unmatched service,  with a fast closing, at a great rate. 

Our Location
16260 N.71st St, Suite #450, Scottsdale, AZ 85254
Contact Us
1 (888) 524-4513
info@handshakehomeloans.com
Business Hours
Mon-Sat: 9:00am – 6:00pm
Sunday: Closed