How Do You Qualify For The Best Mortgage Refinancing Rates?
When refinancing your home mortgage you want the lowest interest rate possible. a low rate saves you money by lowering your monthly mortgage payment. But in order to qualify for the best mortgage refinancing rates you need to be a highly qualified candidate. Learn how. Refinance below the non-conforming limit. A home loan is considered non-conforming– or “Jumbo”– when the principal is over a certain amount. Non-conforming loans are considered higher risk so they carry higher interest rates. To qualify for the best mortgage refinancing rates, make sure your new loan is considered “conforming”. Every state has different limits so check with your local lender. Have excellent credit. Before you even apply to refinance, check your credit. Checking your own credit score does NOT affect the score at all. It is your right as a consumer to know your credit score. A FICA score of 750 or higher makes you highly qualified and eligible for the best mortgage refinance rates. Even if you have to pu
