Credit score may not be the only influential factor in getting the best greeneasylife.com/LoanCalculator refinance mortgage rate, but without it you can forget about getting those rates. Best rate mortgage products will have minimum score requirements. Any application that does not meet that minimum will get refused without even reaching an underwriter's desk. Mortgage lenders do allow any flexibility on this policy.
Prospective refinance loan applicants should check their credit score before going for interest rate shopping. Wherever they start their search, they will get asked their score. Should their score be slightly lower, they may be able to improve it enough to qualify for the best interest rate on offer. For example, if they have missed one payment on their credit card, but otherwise they were good customers, credit card company may agree to remove the late payment and update their report. There may be errors that can be corrected by contacting the credit agency.
If their score is really low for the top rate, they have two options. Either take the slightly higher rates offered or commit themselves to improving their credit score over the next 6 months. And hope that the low interest rates will still be there to take advantage of. This is something to think about carefully, because improved score may allow them to save $100s every month. Over the life of the mortgage that would be substantial saving amount.
Ignoring credit worthiness will keep playing important role in people's life. It is never too late. People will have to start from somewhere. Learning lessons and moving on to better things is part of life. Check your credit score now, if you have not done so for a while.
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