As with their unique mortgage, the better your credit score, the better your mortgage rates. Very mortgage lenders want a credit score with a minimum of 620 so you can refinance a normal financing. not, certain loan standards take on credit ratings less than 620. FHA finance, like, features a 400 minimal median qualifying credit history. More FHA-recognized loan providers lay their borrowing from the bank limits, it is therefore not always five-hundred across-the-board.

Mortgage refinancing which have poor credit: the advantages and you may cons

You will be weighing the pros and you may downsides out of refinancing in the event the you really have bad credit. Just because you need re-finance today, in the event that you? Read More