When the mortgage rates go down, homeowners take advantage of the changes and get their mortgages refinanced. However, there are some things that you must know before you get your mortgage refinanced. Knowing more about refinancing mortgages will clear up a lot of misconceptions that you may have about the working of mortgage rates. Given below are 4 tips that can help you to understand this: Your credit score is not the only consideration when you apply for mortgage Most people are of the opinion that you need a very good credit to get a good rate. While a good credit is essential, those with a credit score of just 620 can also get a good rate. The trick is in knowing your options and choosing the one that suits you best. For example, if you have a low credit score, you can choose from FHA loans. These offer the applicant low rates. Also, your down payment will be lower. At the same time, you can work to repair your credit score. Review your credit report and dispute wrong information. It is always recommended to keep old accounts active as they are helpful in improving credit. Get the [...]
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