You might want to think again. Lenders are charging your points for everything! Credit scores below 740, cash out over 60% of the value of your home, if your home is in a declining market, and on and on. These pricing issues can take you right out of the market.
Here is what you need to make sure happens if your pricing your loan around. Make sure you make a decision on where refinancing mortgage going within 30 days of the first lender pulling your credit, the reason for that is you typically have that time frame before your credit score will take another hit from more than one lender pulling it. Credit inquiries for a mortgage are one of the biggest hits your credit scores take, and it takes typically 90 days for the score to come back up.
Unfortunately, today you almost can't get a real rate the lender will charge you without them knowing all the facts. Credit score, a very good estimate of property value, length of time in home, and are you're doing a rate and term refinance, or a cash out refinance. If your lender doesn't have all this information, mortgage refinancing prepared to get a rate other than the one quoted.
A few other notes to be aware of are that most conventional loan lenders will not go over 85% of the current value of your home if you are doing a cash out refinance. If you are taking any money out to pay off any credit cards, car loans, second mortgages that were not used to buy the home, your loan will be considered cash out. Hope this helps give you a little understanding. The mortgage market and its rules are changing all the time, and if you know what your dealing with, you will be better off.
Tim Dimmick
T Dimmick & Associates Inc.
dimmickmortgage.com
215-721-7771
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