Today's low Refinance Rates in Inyo CA
Affordable payment can help you shop through a variety of lenders, banks, mortgage brokers and providing you custom rates without any of these banks, lenders, brokers. You do not have to give out your personal information to any of these brokers or lenders. Get qualified for the lowest mortgage and right program and excellent support from Affordable payment.
In this Article we shall focus on answering some common queries of Inyo CA mortgage borrowers:
Refinancing Mortgage with Bad Credit
Can i Refinance with Bad Credit, read for Inyo CA Mortgage borrower:
When the rates are historically low. Whether you have good or bad credit everyone is now looking at refinancing. The rates you see advertised wouldn’t make a lot of sense for someone with a bad credit score because those rates are available to a borrower with a high cost if you have a bad credit.
Primarily refinancing goal is to lower the rate of interest from your current lender to a new lender with some monthly savings.
How does my credit history impact my refinancing?
Let’s understand the concept of credit reporting and credit score. The credit score is a numerical expression of items being reported on your credit report on a scale of 350 to 850 where 850 is the excellent and the more the score are towards 350 its bad.
Credit scores are derived statistically through weights assigned to the borrower’s credit profile as below:
Your past payment history carries a weight of 35%
Amount you owe 30%
Length of time you have owed credit 15%
New credit established 10%
Type of credit 10%
Now you understand that the maximum weight age is given to your past payment history and total debt. So the ones who owe too much and are not paying on time they are likely to have a bad score and the lender shall look upon the borrower as a high risk borrower.
So a borrower with 740 plus score is likely to get a rate of 3.5% while someone with a lower score is likely to get a percentage or two higher for the risk of the mortgage and lenders make a lot of money on his risk loan.
This however doesn’t mean that the doors are closed. While a conventional loan may either be difficult due to bad scores. You need to look towards FHA which is a Govt insured mortgage.
Call Inyo CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
No comments:
Post a Comment