Would a New Loan Help Me
Have interest rates been lowered significantly since your original loan or mortgage was taken out. ( -1%).
Have you built substantial equity over the years, but have excessive credit card or personal loan debts. A refinance or a home equity loan may help to lower the rate and/or payment on high interest debt.
Has your credit situation changed for the better allowing you to refinance at a lower rate ? If in the past you had late payments, or a bankruptcy this could have affected the rate at which you borrowed money. If you have made payments on time, on cleared up past credit problems, your credit report will look better, your credit score will be higher, and you may now qualify for a lower interest rate.
Are you making more income. This would allow you to qualify for a higher payment and shorter term.
| Quick Credit FAQ |
| Up to 60% of people who check their free credit report find errors. |
| Credit Professionals recommend a credit check at least 2x yearly. |
| You may obtain a free credit check if you've been denied credit in the last 60 days or once annually. |
| There are 3 credit bureaus which collect information from major creditors. Equifax, TransUnion, Experian. |
| Your credit report lists all the accounts and payment history for the last two years; liens and judgements for 7 years; bankruptcy 10 years. |
| From your information a credit score is calculated. Credit Scores range from about 400-820. A score of 700 or above is very good. |
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