BUSINESS MATTERS
3 Ways Credit Plays into
Mortgage Refinancing
Article by NerdWallet
similar traits. Here are a few you'll want to know:
The score you need can depend on the type of loan you have
According to NerdWallet, if you're refinancing a VA or conventional loan, you'll typically need a score between 620 and 720 to qualify. And if you have an FHA loan, you need a score between at least 500 and 580 to qualify. Fortunately, lenders understand that life happens and are willing to work through different options if your credit score recently dropped below the requirements. For instance, there are different streamline financing options for VA loans, FHA loans and USDA loans that don't require credit
(BPT) - If you're thinking about refinancing your mortgage, there's often a lot to consider. For instance, your decision to refinance may rely on current interest rates or your personal financial situation. Your credit score also plays a role in the mortgage refinancing process. While it can certainly factor into your ability to refinance, the relationship between your mortgage and your credit score can be complicated. However, it doesn't need to be.
What to know about credit scores and refinancing
Credit requirements can vary depending on the terms of your loan. But at the same time, many programs share