what about mortgage refinancing nowadays?
I bought several houses in my time and therefore thought I was an “expert” on getting a good mortgage. Now I’m looking for a straight answer on the best refinance rate, and a mortgage broker says pricing on loans includes factors that “were not there even one year ago”, such as: FICO score, loan to value, loan amount, occupancy, etc.” Can a mortgage rate vary according to my FICO score (or would I just be rejected if my score is too low)? What’s going on? Why is it so hard to get a mortgage rate out of a broker or a web site?
btw, I have great credit, 80% equity, live in the house, and want to re-fi $ 117k, in NC.
My spouse’s credit is bad enough that she can’t get approved for much, we’ve tried. We paid off everything she had outstanding and she is now on good terms in the sense of being current and paid off. She has been in good standing with payments and zero balances for about 10 months. She just recently applied for a very marginal line of credit and was declined. Can someone tell me about how long its going to take before my spouse’s credit score is repaired enough to reasonably expect to be granted a loan or be included on our mortgage? months? years? Should we try to get her a credit card with a very, very low limit to try and start to rebuild a consistent credit history. Currently she has 1 open credit card account that she doesn’t even use and her student loan. Would it be better to use the card or not? Will using it properly help her FICO score improve?