what credit score do i need to refinance my house

With a refinance, Kris could pay $697 a month to repay the new loan in 30 years, or $885 a month to pay it off in 20 years. In the example above, Kris borrowed $186,000 at 5 percent. 10 years later, Kris had a remaining balance of $146,000, and refinanced at 4 percent.

What credit score do you need if your debt-to-income ratio is high? Behind credit scores, the second-most important factor affecting your mortgage loan approval will be how much debt you have compared to your pre-tax income. This is known as your debt-to-income ratio, or DTI. A higher DTI and a low credit score may create approval problems.

Most lenders require a minimum credit score of 620 to approve a refinancing application. FHA and VA programs typically have lower minimums.. "What FICO Score Do I Need to Refinance My House.

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More refinance help may be on the way. Generally, when it comes to mortgages, the higher your credit score, the lower your mortgage interest rate.But there is a growing movement to make credit.

To do this, many or all of. more than one lender, you’ll want these hard credit pulls to occur within a short period of time – say within just a week or so – to minimize the impact on your credit.

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Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan. So if you’re planning to buy a house, and your credit score doesn’t meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit.

Do you know the credit score needed to refinance a VA Loan or other. The larger the percentage of your home yo own, the easier it may be to.

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If you need 85% LTV, start your application immediately.. cash-out refinance loan requires more documentation than does the FHA streamline refinance.. Benefits of a FHA cash-out refinance; Credit score and LTV. If closing costs were $5,000, you could end up with an extra $45,000 in your pocket.

rate vs apr mortgage Interest Rate vs. APR: How Not Knowing the Difference Can. –  · To find the APR, divide the $5,150 by the original loan amount of $100,000, which equals an APR of 5.15 percent. APR vs. Interest Rate. To better understand the terms, examine the similarities and differences between an interest rate and an APR.