Home Loan Refinancing - What Lenders Dont Want You To Know

Refinancing lenders seems to hold all the cards. They have the money and their own system for determining which type of credit you can qualify for. What lenders don't want you to know is that you can improve your credit rating in a matter of days.

Good Credit Factors

Good credit does not mean perfect credit. People assume a 30 day late payment means poor credit. Not true. You can still have good credit score if you have two 30 day late payments on a credit card or one 30 day late payment on a car loan within the last three years. After three years, the payment history will drop off your credit report.

While you don't want too much debt when applying to refinance, having a credit card can help your credit score. Have at least one credit card and make regular payments on it. If you are worried about the interest charges, pay off the balance every month. Those regular payments establish your credit payment history, a large factor in determining rates.

Ways To Boost Your Credit Rating

Besides paying your bills on time, there are some quick ways to raise your credit score. First off, close any open credit card accounts that you don't use. The less available credit you use, the better rates you can receive with mortgage lenders.

Second, include a note in your credit history explaining the situation for any late bills, foreclosures, or bankruptcy. Lenders will offer lower interest rates if the reasons were due to extenuating circumstances.

Lastly, check your credit report for errors. Creditors and credit reporting agencies make mistakes. Their mistakes can cost you thousands in interest charges, so get a copy of your credit report and read through it carefully. If you find a mistake, contact the creditor to have them fix it.

Refinancing Alternatives

Refinancing isn't the only way to tap into low interest rates. If you simply want to access your home's equity, then a home equity loan might be a better choice for you. Home equity loans offer flexibility to withdraw funds and pay them back. You can also write off the interest on your taxes, just like with mortgage interest.

To view our recommended sources for refinance mortgage loans online, visit this page: Recommended Refinance Mortgage Lenders Online.

Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.

In The News:
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.postchronicle.com/news/business/article_212190469.shtmlcid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNHrhzErGWXSSrbfRgmlU0S_H2DmXQimg src=http://news.google.com/news?imgefp=YuTugCVI7XMJimgurl=www.postchronicle.com/images/articles/sale.jpg width=80 height=51 alt= border=1brfont size=-2Post Chronicle/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/sector-turns-up-mortgage-applications/story.aspx%3Fguid%3D%257B91A4517B-C8F3-408A-9381-39CF5648E946%257Dcid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNFJ1lCgJYUf9XNi7y-j_uGoyzAVywSector turns up as bmortgage/b applications surge/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1A recent downward spike in bmortgage/b rates has sparked a rise in bmortgage/b and brefinance/b applications, according to data from the bMortgage/b Bankers Association b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3Da_i8357NDD7k%26refer%3Dhomecid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNHscUai5jjJbQl5Ha5pQ14z__-n-gUS MBA’s bMortgage/b Applications More Than Doubled Last Week/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.google.com/hostednews/ap/article/ALeqM5iGO3ptAO6a54_9bVj7EorgcgBWSQD94RAE1G0cid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNG6WT7fW6FhtOi-j_EH9IcwXI5jXAbMortgage/b application, brefinance/b volume surge/a font size=-1 color=#6f6f6fnobrThe Associated Press/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.usatoday.com/money/economy/housing/2008-12-03-mortgage-applications_N.htmcid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNHOGSXKQCG2OHB8qtWgp4sGf5GfEgFalling rates spark rush to bmortgage/b applications/a font size=-1 color=#6f6f6fnobrUSA Today/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/economicNews/idUSN0333008520081203cid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNE4t10AAfYhWYIz6D6GyGhUX5GFqwnobrReuters/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.usnews.com/blogs/the-home-front/2008/12/03/ben-bernankes-christmas-gift-mortgage-refis.htmlcid=1277091985ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNG-5kED1A3H-473kEJ7bIY5MO_6EQnobrU.S. News World Report/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1277091985hl=ennobrall 115 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://economy.kansascity.com/%3Fq%3Dnode/409cid=0ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNHdkNBSZfxxTNgBdphhRvUIaBOvtQHouseholds rushing to brefinance/b/abrfont size=-1font color=#6f6f6fKansas City Star,nbsp;MOnbsp;-/font nobr17 minutes ago/nobr/fontbrfont size=-1Plunging bmortgage/b rates could be setting the stage for a budget-saving brefinance/b boom. The Federal Reserve#39;s decision last week to snap up hundreds of b.../b/font/div/font/td/tr/table
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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601068%26sid%3DaRtykQ8tqETY%26refer%3Dhomecid=1277209673ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNHMbmyZqkl7cV1kNL1rNapFdt6oqAUS Economy: Service Companies Shrink at Record Pace (Update1)/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1“Things overall still look bad, but this, together with last week’s doubling in MBA brefinancing/b, provide glimmers of hope,” Ian Morris, chief US economist b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/12/02/AR2008120203155.htmlcid=1277101884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNGwPDFp2mD0RpZNMA4dzxxa5MzpSAFHA Insurance Fund Has Fallen 39 Percent/abrfont size=-1font color=#6f6f6fWashington Post,nbsp;United Statesnbsp;-/font nobr12 hours ago/nobr/fontbrfont size=-1If they suffer a financial blow, such as job loss, they will be more likely to default on their loan because they won#39;t be able to sell or brefinance/b. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.prweb.com/releases/VA/loans/prweb1696824.htmcid=1277101884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNHJ930XAkbGw09hIWKnfeevnmVigwRecession Lowers bMortgage/b Rates for VA Loans, Flagship Financial b.../b/a font size=-1 color=#6f6f6fnobrPR Web (press release)/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1277101884hl=ennobrall 4 news articles/nobr/a/font/div/font/td/tr/table
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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3DaHfzvtT0kqyU%26refer%3Dhomecid=1275469884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNEnplJT2g-vRi2sl_4jbicwaXchzQLong Bond Returns Most Since 1995 Amid ‘Bubble’ Talk (Update2)/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr23 hours ago/nobr/fontbrfont size=-1Traders are also buying 30-year bonds on speculation the Fed’s purchases may drive bmortgage/b rates lower, spurring homeowners to brefinance/b their home loans b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.housingwire.com/2008/12/01/treasury-yields-hit-record-lows-but-will-it-last/cid=1275469884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNEfUWVBWiW2NMwfpdkTejRPRjQ87ATreasury Yields Hit Record Lows, But Will it Last?/a font size=-1 color=#6f6f6fnobrHousing Wire/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/etfNews/idUSN2526230020081125cid=1275469884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNEdnd1DYR5_9Ir7QQtAXSidOBGlSQREFILE-TREASURIES-Bonds rally, helped by weakening economy/a font size=-1 color=#6f6f6fnobrReuters/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.hemscott.com/news/static/tfn/item.do%3FnewsId%3D70415991658699cid=1275469884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNFCbtFxrF7VD4Rbep28yjg9zGVAlwTREASURIES-Bonds rally on weak economy, Fed fixed-income buys/a font size=-1 color=#6f6f6fnobrHemscott/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601103%26sid%3Da3ZLh8eb3Szc%26refer%3Duscid=1275469884ei=Lt42SZmvAaqi9gSM26GlDwusg=AFQjCNF3Dp-z2S2mzu7y1L1owi9d-x__8QnobrBloomberg/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1275469884hl=ennobrall 147 news articles/nobr/a/font/div/font/td/tr/table
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