Cheryl Karr - Your Solid Source Realty Agent

    If you would like to refinance your current home loan but lack the credit score to snag a low rate, this article is for you. Here, we'll suggest ways you can improve your current interest rate, even if your credit is less than perfect. Can you refinance your mortgage with bad credit? The short answer is maybe. It's certainly not out of the question. If you're looking for a conventional refinance, you'll likely need a credit score of 620 or higher. Don't let that discourage you if you're not quite there, though. A mortgage lender will also consider factors like how much you earn and your cash reserves (to determine whether you can cover financial emergencies). Even if your credit score is low, a lender may be willing to take the risk as long as other aspects of your application are strong. But first, you need to know where to start. Speak with your current lender Let your current lender know that you'd like to refinance and find out if it offers ...

      Economists largely predict that mortgage rates will soon rise, and anxious home buyers and homeowners are hurrying to take advantage of what could be the last dance with super low mortgage rates, intent on beating further increases. The average contract interest rate on the 30-year fixed-rate mortgage with conforming loan balances recently increased to its highest level in a month, to 3.18% last week. The rate is 12 basis points higher than a year ago, the Mortgage Bankers Association reported on Wednesday. Rates jumped after the Federal Reserve’s meeting last week, where the Fed signaled that rate hikes could come in 2023. That is a year earlier than expected. Applications for refinances increased 3% last week compared to the previous week, and mortgage applications to purchase a home eked out a 1% increase, the MBA reported. Overall, mortgage application volume is down 9% compared to a year earlier. Applications for home purchase...