Mortgage loans A review
If interest rates have dropped at least two percentage points between when you signed your mortgage and today, then now is the time to refinance and lock in a lower interest rate. But aren't banks refusing to approve new mortgage loans? Yes and no. The key is the borrower's credit rating. Banks are leery of offering new loans to anyone with a bad credit rating (and guidelines for what constitutes a bad rating are more stringent now), but they are happy, even eager, to offer loans to people with good credit. Get a free credit report and discover what your credit rating is, and if it is good, then apply for a mortgage right away.