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Refinancing with fair credit rating

by genna1126171 from Cedar Grove, New Jersey. Nov 3rd 2015 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Everyone's definition of Good, Fair, and Bad credit is different.. this is why lenders use scoring models.. without knowing what your credit score is, I cannot advise you properly.. there are lenders who offer loans to low score borrowers.. some as low as 500 but understand that the lower the score the more strict the guidelines and few that apply actually get approved.. if you really want to know where you stand, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 3rd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

Realistically, if your credit score is below 620, don't bother trying to find a loan. Work on improving your credit, and then attempting a refinance once your score is higher. Also understand this is the minimum. The better the score, the better your rates, the lower your costs, and the better options available.

Nov 3rd 2015
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Ted Ark (tark@goldmortgage.com)
#32 ranked lender in New Jersey - 34 contributions

An open ended question. If you are asking "what is a reasonable rate" for fair credit?Rates and programs are dependent upon:- lowest middle credit score of all borrowers- type of transaction: cash out or no cash out- loan to value- mortgage history- property type: single family, condo, coop, multi-family- fixed or adjustable rate mortgage

Nov 3rd 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

Without looking at the whole picture it is impossible to say if it would be worth it or not for you. If you would like to discuss in more detail give us a call.

Nov 3rd 2015
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