Get the Best Home Mortgage Home Loan Refinance Rate
Article by Steve Faber
The Fed?s interest latest rate cuts have ensured you can once again get a low interest rate on your home mortgage loan. The problem is that the fed?s rate cut came at the same time as the problems in the bad credit mortgage market. These credit woes spilled over into the middle end of the market as well. Now it?s not only the people with bad credit that are having problems getting a mortgage. Because of the credit industry shakeup, almost anyone may have some difficulty getting a mortgage loan unless they have very good credit or really have their ducks in a row.
If you can get a loan to refinance your existing mortgage, here are some tips to help you get the best home mortgage loan rate. Just a few tenths of a point lower n your interest rate will save you 10?s of thousands over the life of the loan, and really help your monthly cash flow situation.
Here are some ways you can get the best mortgage loan refinance rate:
Raise Your Credit Score- The interest rate reflects your perceived risk to the lender. They have developed detailed formulas to assess this risk. One of the largest determinants of your interest rate will be your credit score, also called the FICO score. It is a picture of your credit risk. The ability distill much of your credit details into a single 3 digit number is one way that loans are approved so quickly these days. Raise your credit score, and you?ll normally lower your interest rate. You should aim for a score of at least 720, higher is better. The top score is 850, and unless you are in jail or something else is terribly wrong, anything over 800 should let you get a good rate on your mortgage.
Improve your debt to income ratio - This is very often looked at when you?ve applied for a refinance. If you have many cars, a large house payment, and ample credit card bills, you must find a way to rid yourself of some of it. One key here; if you own a business and have some of the company vehicles or other assets in your name, they will show up when your credit report is pulled. Any such debt will severely limit your chances of getting the lowest possible loan rate.
Negotiate - When you are talking to your lender, there?s nothing wrong with trying to negotiate a better deal. You can possible get a better interest rate, lower loan fees, or both. The key is that you?ll never know if you don?t try..
Get multiple offers - Even with the shakeup in the home mortgage industry, there are still many lenders to choose from. Do that. Check out different lenders and get multiple offers for your refinance business. Compare not just the rate, but the fee structure as well.
These pointers should help you get a better rate on your home mortgage refinance loan.
About the Author
Discover how to refinance weather you have bad credit or not. If you know what to do, you?ll be able to get the best rates and lowest fees. Wouldn?t it be nice to have some extra money every month? Go to the bad credit mortgage refinance guide.
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Source: http://1m2.org/finance-mortgage/get-the-best-home-mortgage-home-loan-refinance-rate.html
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