Posted on: 15th Aug, 2011 11:06 pm
i want to refinance my mortgage. recently, i had paid my credit cards so that i can show a good credit utilization ratio and now i'm waiting from a credit score update. i don't know how to begin with and whom to contact. can anyone guide me through this complicated process? any help is appreciated.
Hi Nancy,
In order to get a mortgage refinance, you need to contact your lender. Your lender will check your financial situation, your credit scores and whether or not you have enough equity in the property and let you know whether or not you'll be able to refinance the mortgage. In order to get a conventional mortgage, you need to have a credit score of around 700-720 whereas for a conventional mortgage, you need to have a score of around 600-620.
However, it is not mandatory to refinance your mortgage with the same lender. You can contact other local lenders as well and get a mortgage refinanced. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you might receive.
Thanks,
Jerry
In order to get a mortgage refinance, you need to contact your lender. Your lender will check your financial situation, your credit scores and whether or not you have enough equity in the property and let you know whether or not you'll be able to refinance the mortgage. In order to get a conventional mortgage, you need to have a credit score of around 700-720 whereas for a conventional mortgage, you need to have a score of around 600-620.
However, it is not mandatory to refinance your mortgage with the same lender. You can contact other local lenders as well and get a mortgage refinanced. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you might receive.
Thanks,
Jerry