Home mortgage A review of the basics
If interest rates are now at least two percent lower than they were when you got your loan, now is the time to refinance. But aren't banks refusing to approve new mortgage loans? Yes and no. The mortgage applicant's credit rating is the deciding factor. 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. If your credit is good, then by all means, apply right away.