Do I have any refinance options?
by Mortgage Rates on Tuesday, September 14th, 2010 | 2 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
Are you in the U.S.? I’ve never heard of a “Vantage Score”. A 675 credit score in the U.S. allows you to refinance fairly easily.
I’d try to refinance into one loan and get a rate in the lower 5% range. 675 isn’t a terrible score, although over 700 would give the best results. That’s only one score too. You and your wife have 6 credit scores, and lenders usually use the lower middle score. Those delinquencies from 5 to 8 years ago are hardly an issue today.
A bigger concern is loan to value and debt to income ratios. Call your current lender about refinancing and a couple others, but don’t let them all pull credit scores. Go to freeannualreport.com for all of your credit reports. Make sure there are no errors too. It’s better to fix them before you apply for a loan.