Question:

When getting a mortgage refinance how much can I lower the interest rate?

Answer:

The new interest rate obtained with a mortgage refinance largely depends on several factors.

Factors for Reducing Interest Rate in a Mortgage Refinance

Your credit score will play the crucial part in determining your new interest rate in a mortgage refinance. Luckily or not, this is what matters the most to most lenders. The higher the score, the lower interest rate will be offered by the lender.

You should make an effort to raise your score before you decide to refinance. Usually, after running credit score optimization which is possible by having removed wrong items from your credit report, you will be eligible for substantial rate reduction.

Another really important cornerstone for obtaining real nice interest rate for your mortgage refinance is how often you have been late with payments for the last one or two years, depending on lender. Your trustworthiness as a borrower will matter a lot to a lender.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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