Is This a Good Time to Refinance?

With mortgage rates as low as they are now, you might be asking yourself… is this a good time to refinance?

Well the answer is… It depends.

It depends on your credit score. You see, the low interest rates that the banks and lenders are advertising are for those with an Excellent rated credit score.

What is an Excellent credit score? Before the recession, an Excellent credit score was anything above 720.

According to myFICO.com an Excellent credit score in today’s market is anything above 760 when applying for a 30 year fixed rate mortgage.

Remember that a major key to getting the best interest rate is to boost your credit score.

I suggest to always pay your bills on time, fix any errors on your credit report, and bring your “debt to available credit limit” down.

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