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Can you get mortgage refinancing with a 710 credit score?

Will we get the best prime rate or do we need to improve credit for top best rate?
By Tom.Stouten13 from FL Feb 12th 2014
Reply

Tom, your credit is excellent. While it is not the best of the best, it should not hold you back from refinancing. You may not get the absolute best possible, but it won't be off by much. Speak with a local lender and they'll be able to tell you what you could obtain with your current score and then hypothetically with a higher score. Odds are, you'll want to go ahead with the refinance. Also, don't forget, if you wait and try to raise your scores, rates may rise negating any benefit or even putting you in a worse place. Ask anyone who was on the fence last summer and they'll tell you rates can certainly rise quickly.

Feb 12th 2014

Tom, your score is very good, 720 and above is top tier but it is often negligible and typically affects the banks pricing and not necessarily your rate, spreads between coupons at that level are usually very tight so I think you should begin now - rates have turned the corner over the past two weeks and are tracking higher now.

Feb 12th 2014

Tom as John mentioned your score is good and well within the range needed for a refinance.. The next step will include making sure that the refinance will give you an improvement and make sense specific to you.. We want to look at your current rate to the new rate, the remaining term of your current loan to the new term and your cost to accomplish this. I'm happy to help you evaluate these details to determine your best options. You can reach me at 561-373-0371.. I'm a Florida lender.. Talk to you soon. Toni Taylor

Feb 12th 2014

Hi Tom, your score is perfect with our lenders, we work with 5 different banks and can shop the best for your situation. My name is Lisa Oglesby and I am a Florida licensed loan originator and will be happy to assist you. Call me @ 386-569-3761 or email me @ Lisa@gulf-western.com and I will contact you to get started. We should close in about 2-3 weeks.

Feb 12th 2014

A 710 score is golden in my book. The bottom line is that John is right, rates fluctuate and are on the way up. The projected rates for the near future, in my opinion, would have a larger bearing on your final, locked interest rate. I, as well as most people in here, would advise you to check out your options now and get something locked in. Mortgage rates right now have a much higher propensity to go upwards than downwards, based off of historical data. | Personal plug ===> As an independent Florida broker, I work with pretty much every wholesale mortgage bank lending in the state. I could easily tell you which bank is going to give the best deal for your situation in a matter of minutes. <=== End of personal plug | Any good broker should be able to, to be perfectly honest. I wish you the best of luck!

Feb 13th 2014

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