Mortgage Payment History
If you have poor credit score, don’t despair just yet: you still have a few more opportunities left open. Let’s consider your mortgage payment history for one thing. Your overall credit score may be poor but if you have an excellent reputation with your mortgage creditors then certainly, your refinance mortgage provider would be willing to give you lower interest rates for your refinance loan.
Percentage Complete
Finally, how much or how little is left with your existing mortgage? If you are more than halfway done with your current mortgage and you have been fairly consistent in paying your monthly dues on time, your preferred refinancing company is sure to offer you the best rates available.
Naturally, the opposite applies if you’re seeking to replace a fairly new loan. This is understandable, however, so don’t be surprised when your refinance mortgage provider asks you lots of questions. After all, you’re basically asking them to shoulder the rest of your debt in lieu of another creditor. They certainly have the right to ask why you’re replacing a loan you’ve just recently taken out.
Source
Last but not the least, consider the type of company or creditor you’re asking. Long standing and well-established refinancing providers have the means of offering their clients with the lowest possible rates as well as the best service. They’re capable of taking greater risks and that’s why they can afford to negotiate your refinance mortgage rates until you reach a mutually satisfying agreement. Consequently, however, their application requirements are more stringent.
They may, among other things, require you to submit proof that you are earning a specified amount of money each month.
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