Question : Can I refinance my home with a good credit score but not much credit?
I started buying my home a year ago and I didn't have credit then so I bought an owner financed home that had 12% percent fixed loan, which is why I want to refinance. My credit score is 718 but I have very little credit activity because I have never had a credit card or anything, I usually just pay cash instead of making payments. Will I be able to refinance?
- asked by Jersey D
All Answers:
Answer #1
Yes, it's always easier to get a mortgage, causeyou can't run off with the house. I'd just callyour bank with who you have checking/savingsaccounts. They will most likely give you thefastest response. You may have to prove that youpay stuff on time, since you don't have creditcards you can ask your phone company to write areference letter. Check with a bank they'll tellyou what they need.
- answered by NT
Answer #2
Though your credit score is quite low, yet you canpossibly refinance. But your bad score will have anegative impact on your refinance loan as it maycharge a higher interest rate. To know how how toget home refinance loan with not much credit youcan refer to :
http://www.refinancing101.net
- answered by Jets Smith
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