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Mortgage Refinance Loans

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Refinance Rates

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Loan Rate APR
30 Year Fixed Rate 3.88% 3.38%
15 Year Fixed Rate 4.06% 3.61%
5/1 Adjustable Rate 2.75% 3.37%
* These rates are averages, and might not apply to you.

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We focus our site on home loan refinancing, but if you're looking for a new mortgage loan, we can help you too.

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Credit Scores

There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

Don't let your credit score hold you back, you have more options than you know!

Refinance Loans

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Credit Score Refi Rates Refinance Mortgage Rates and your Credit Score

Credit reporting agencies collect all kinds of personal data about everyone. Whether you have a monthly hydro bill, a credit card, a bank loan, or a telephone bill, one of three bureaus knows about your paying habits. In the US, TransUnion, Experian and Equifax seek to provide businesses and lenders information about you and your financial schedule. Do you pay bills on time? Do you consistently let your bills run into months of arrears? Are you continually applying for some form of credit? Once these agencies have your information, a statement is made available showing your delinquencies and positive attributes. In addition, a credit score is determined on a scale between three hundred and eight hundred and fifty.

Once a lender has a copy of your credit history and credit score, it will be used to determine whether you are a high risk for receiving a mortgage refinance, or whether your paying habits are sufficient enough to obtain financing. Likewise, the credit score will be used to determine how much interest you should pay. Typically, the lower you are on the scale, that is the closer you are to 300, the higher the interest rate because your loan is a risky investment for the lender. The closer you are to 850, the better the interest, and the more offers you will receive. In reality, lenders may perceive credit scores around 640 as risky, and any below a certain number will most likely not even be eligible for a refinance or a new mortgage.

Traditional lenders such as banks are going to look for the highest possible score. Other financial institutes will specialize in particular types of debt. They may be agreeable to lower scores as long as the applicant has not had a bankruptcy. Then others will approve very low scores assuming the applicant can show a stable paycheck and the willingness to rebuild their credit score. Private lenders vary as to the amount of risk they wish to undertake.

One of the ways that an applicant can prove willingness to pay is to have a credit card with a minimum balance such as five hundred dollars, and to keep that card in good standing at all times. In addition to paying utility bills on time, and showing regular pay stubs, the lender might agree that this person is worth the risk. But all risk comes at a price. For those with poorer credit scores, refinance mortgage rates are invariably higher. Private lenders may also charge higher loan processing fees.

For someone with excellent credit and stable income, this applicant will have many offers. Of course, this assumes that there are no other issues such as back taxes.

As you can see, credit score directly impacts refinance mortgage rates.

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