Refinance rates, an in-depth look, an in-depth exploration
The one hiccup for some borrowers has been the tighter standards lenders now have in place. A better credit score, cleaner credit history and more money down are now required for most loans. That means that more home mortgage applicants than ever before are being turned down. Those who currently own homes and apply for refinancing must meet the same standards. The best rate loans now need equity percentages of 20 to qualify and credit scores of 680 or higher.