Credit Report Is First Step In Refinancing
My homeowners are planning on refinancing their mortgage. Since rates have fallen since they took out their 30-year fixed-rate mortgage a few years back and their credit scores have improved, they hope to qualify for a better deal this time around.
Borrowers should always compare fees when shopping for loans. How much consumers pay in closing costs varies from state to state and lender to lender. It also depends on the borrower . A loan applicant with a good credit score generally will pay lower fees than a borrower with bad credit because the lender may be required to do more legwork to qualify the borrower for a loan.
A prospective borrower should first obtain copies of their credit reports at annualcreditreport.com and clear up any mistakes. Each homeowner is entitled to one free credit report every year from each of the big three credit-reporting agencies, Equifax, Experian and TransUnion.
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