Helping People To Refinance

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Refinance ToolBox Man

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Home Refinance Basics You Need To Know

Learn about the major factors that affect a successful home loan refinance.

What Time To Lock Your Rate?

Take a look in to what makes up a mortgage refinance rates and when to "Lock" your program.

Where To Find The Lowest Refinance Mortgage Rates?

Check out these Lender Offers for honest low rate and closing cost loan options.

Who Really Has Low Refinance Closing Costs?

Learning the basics of refinance closing costs will help you to find the best deal when comparing multiple quotes.

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Refinance Credit Score Range Grids

Learn about Credit Score Range Tiers and how they affect Refinance Mortgage Rates and Home Loan Qualification

We put together the following grids to help you see that there are different levels, or "Tiers",of credit scores which can impact refinance interest rates, terms, maximum-allowed amount that can be financed, and even eligibility for various refinance loan programs. This is a general look at FICO scores, for there is no "official" refinance credit score grid, but the following tables should give you a basic idea of where your particular credit score falls within the general tiers.

Tier 1 being the best, the closer you are to Tier 1, the more you will be eligible for lower refinance interest rates and a wider selection of refinance loan programs.

It's a great idea to check your credit scores before you contact a lender, whether it be for a mortgage, auto, personal loan, or any type of loan.

Not at a Tier 1 Credit Score?  A FHA home loan refinance can be the answer for low mortgage rates for those with less than perfect credit scores.Don't despair if you are not at a Tier 1 credit level. A skilled refinance mortgage professional with access to an extensive database of mortgage lenders can often find very competitive refinance rates and loan terms for people with less than perfect credit.

In fact, those with poor credit scores as low as a 620 mid fico can get low mortgage rates with a FHA home loan refinance.


 

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Tier 1: 720 FICO Credit Score Range 
and above

Those individuals with credit scores in the "Tier 1" range enjoy the advantage of qualifying for low competitive refinance rates. In addition, it provides for the highest Loan-to-Value (LTV) amount to be refinanced, up to 95% of home value in most cases. Also, those with "Tier 1" scores will qualify for the widest selection of refinance program options.

Click on your credit score in the tables below
to see how your score stacks up.

Tier 1

 


 

Upper Tier 2: 680 to 719 FICO 
Credit Score Range

The "Upper Tier 2" score range is very close to Tier 1, except that qualifying refinance interest rates will be slightly higher and the Loan-to-Value (LTV) amount to be refinanced may be capped at 90% of home value for some refinance programs.

Upper Tier 2

 


 

Tier 2: 620 to 679 FICO 
Credit Score Range

Those with credit scores in the "Tier 2" range will qualify for competitive refinance interest rates, but most likely will be slightly higher than Upper Tier 2 rates. Also, individuals with Tier 2 scores may be capped at 90% Loan-to-Value (LTV) amount to be refinanced .

Tier 2

 


 

Tier 3: 580 to 619 FICO 
Credit Score Range

The Refinance ToolBox can help those with poor credit scores, As Low as a 620 FICO Score.

Due to continued tightening of lender underwriting guidelines, the Refinance ToolBox does not currently have any home refinance or home puchase loan program options available for individuals with credit scores Below a 620 Mid FICO.

Individuals with credit scores in the "Tier 3" range will most likely not qualify for a conventional refinance and may also have difficulty qualifying for an FHA loan. Technically, FHA loans are not really score driven, but many of the lenders that underwrite and fund FHA loans have raised the minimum credit score requirement to a 620 mid fico.

Those in the Tier 3 range of credit scores may benefit most in the long run by repairing their own credit, or by using a credit restoration company to help raise their credit score into the Tier 2 range and above.

You can check with a credible credit repair company to help boost your score up, while eliminating derogatory items from your credit report. This will not only help for your mortgage refinance approval, but also for all other forms of credit you may need in the future.

 


 

Tier 4: 500 to 579 FICO 
Credit Score Range

Due to continued tightening of lender underwriting guidelines, the Refinance ToolBox does not currently have any home refinance or home puchase loan program options available for individuals with credit scores Below a 620 Mid FICO.

Those in the "Tier 4" credit score range will have less refinance options than the tiers listed above. Interest rates will be significantly higher and LTV can be capped at 80% of the home value or lower. Borrowers in the Tier 4 range will not qualify for conventional financing or FHA refinance loans in most instances.

As with Tier 3, individuals may benefit most in the long run by repairing their own credit, or by using a credit restoration company to aid in a credit score increase into the Tier 2 and above range, to take advantage of much better qualifying refinance rates and wider program options.

 


 

Tier 5: Below 500 FICO 
Credit Score Range

Due to continued tightening of lender underwriting guidelines, the Refinance ToolBox does not currently have any home refinance or home puchase loan program options available for individuals with credit scores Below a 620 Mid FICO.

It can be very difficult to refinance with a middle FICO credit score that is below 500. Generally, you will need to have significant equity in your home in order to qualify. Also, the associated refinance interest rates can be very high. One option for people in this situation is to contact a credit restoration company. Often times, credit scores can be raised in a relative short period of time to allow for eligibility in better refinance programs.

If you have a credit score that is below a 620 and/or multiple derogatory items on your credit report, checking on credit repair with a reputable credit repair company could really be a wise choice.

 

Back to Refinance Credit Basics


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