Question by Reid M: my credit score is 645 and my wife. is 697.what is the best rate. that I qualify for a refinance mortgage loan?
I seem to be having a problem qualifing for a good rate loan.Do you have any advice for me?
Best answer:
Answer by hot m
Hi,
It’s not just your credit score that is important. It is also the debt ratio (how much you owe vs. your balance) and other criteria.
Read up on how the credit score is determined here: http://www.gmigllc.com/credit/3314.php
But Mortgage companies look at the whole picture and disect your credit report, no matter what the score is. Make sure you have a clean file.
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Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.