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Refinance Purchase Home Equity

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Fixed ARM Interest Only FHA

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How Do I Get The Lowest Refinance Interest Rates?

By Ann White

: How Do I Get The Lowest Refinance Interest Rates? Read here for ways that you can get the lowest refinance rates!

With interest rates as low as they are, now is an excellent time to refinance a mortgage. While it may be a great time to take advantage of low rates, refinancing has become difficult due to tightened lending restrictions. While it may be more difficult, there are still various ways to get the lowest refinance interest rates.

Have Excellent Credit

The first way to get the lowest refinance interest rates for your mortgage is to have excellent credit. During the housing boom, mortgage lenders were willing to give a mortgage to anyone with a credit score about 620. For the best rates, all you needed was a score of 700 or better. Now to get the best refinance mortgage rates, you will need a credit score of 730 to 750, depending on the lender.

Put More Money Down

The second way to get the lowest refinance interest rates is to put more money down. To get the best rates, mortgage lenders want a borrower to have at least 20% equity in their home. This could require you to put down more money if your home has dropped in value. Furthermore, a larger down payment will reduce your monthly debt responsibilities, which will make the loan more affordable.

Shop Around

The third way to get the lowest refinance interest rates is by shopping around. While many mortgage lenders have cut back, there are still many that are willing to refinance mortgages. To get the best mortgage refinance rate, you need to shop around as much as possible to get the best rate. By shopping around, you may be able to get a great quote or use other quotes as bargaining chips.

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