Best place to look for refi with 700 and 730 scores

[Anonymous]

My wife's score is about 730, mine about 700. We want to refinance our mortgage. we currently owe 124,000 on a 145,000 15 year fixed 6% loan. We've paid $1300 a month for  three years on this and never been late. It's been 4 1/2 years since we've been late on any payment  but the old stuff is still dragging down our scores.We took this mortgage from our local bank and all they offer is 15 years. Our appraisal from 3 years ago was 215,000.I think it would still appraise for 175,000 even in a down market. I believe we have good equity,and we have good debt to income ratio which would get even better if we could get a 30 year mortgage. So with scores of 730 and 700 where should we look to get a good rate and a good mortgage? Is there any place you can get pre-approval without "hard-pulls" of your credit reports? I'm sure my wife's 730 is good enough for most mortgage companies but how much is my 700 going to drag us down in our attempt to get the best deal out there?

I'm currently tying to get goodwill from some old creditors to maybe boost my score, but I don't want to wait too long if lending standards and interest rates are going to go up.Thank you for your help.

[Anonymous]

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@Anonymous wrote:

So with scores of 730 and 700 where should we look to get a good rate and a good mortgage? Is there any place you can get pre-approval without "hard-pulls" of your credit reports? 

I'm currently tying to get goodwill from some old creditors to maybe boost my score, but I don't want to wait too long if lending standards and interest rates are going to go up.Thank you for your help.

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You should be able to get a good rate at most lenders with 700 scores. They will be able to give you a quote, but nothing too hard and fast without a credit pull. So many fees and rates are determined scores, a current cr is necessary. Your loan to value should be in good shape also if it does apprais in the range you are expecting.

I would suggest you get pre-approved for the loan as soon as you can with rates as low as they currently are. A 25 point bump in your credit report may mean a change in the cost to a rate, but would not drastically improve the rate you would get. You are running the risk of the market taking a big turn and losing ground on the current rates.

Good luck

[Anonymous]

Thank you for your help. Where are the best places to look for a loan? One of my friends mentioned lending tree, but are there any others where the banks would compete for your business? Thank you.

[Anonymous]

I have never been a big fan of lending tree myself. Most mortgage brokers have access to several of the top wholesale lenders to survey who has the best rates for you. You can always talk to a few brokers to see who will give you the best terms.