http://rismedia.com/wp/2008-01-16/the-fight-for-good-credit/
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Traditional borrowers — meaning those with good credit, not too much debt and enough equity in the home — are in the driver’s seat right now.
“You can find yourself in a situation where mortgage lenders or brokers are climbing over each other” to get your business, says Frank E. Nothaft, chief economist with mortgage giant Freddie Mac.
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This is not to say you have to be fiscally perfect these days to refinance. Many subprime borrowers are now refinancing into FHA loans that don’t require stellar credit. And other borrowers, say, with mediocre credit scores or not much equity in a home can refinance, too. In those cases, it just might take more time or borrowers may pay a slightly higher rate, mortgage experts say.
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