I will qualify this post by saying that I (currently) do not have a mortgage, and I am new here too, so I'm sure others will jump in, but without knowing what you have on your credit report, I know the experts on here will need to know the following:
- Your other accounts, ie, credit cards, installment loans, etc.
- If you have any negatives on your credit report, ie, late payments, judgement(s), BK, charge-off accounts, etc, and how old those items are too?
- Where do you currently bank? Do you belong to a credit union? Oftentimes CU's are a bit more accommodating; especially if you have had prior loans with them that were paid on time.
Once you answer these questions, the experts will be able to better assist you. If you do have any negative items on your CR, I'd recommend going to the "Rebuilding Credit" section and read a lot of those threads, as they will tell you what you can do to address the bad/negative items, which, in turn could increase your credit score. And, with an increase in your credit score, you'd likely be in a better position to get your home refinanced.
Also, go to the "Achieve My Goals" (up above in the top of this site); click on that, and then select "Mortgages." Then click to the right, "I'd like to refiance my home." It will show you the (current rates) based on you filling in the selections of the state you are in, etc. This should give you a good idea of where you need to be in order to realistically get an approval.
Good luck!
+1
With a score of 602, options will be limited until it gets to a point where someone wants to show some love. GW, Utilization, disputes, and no more new inquiries or accounts unless they're a matter of life or death.
Starting Score: 675
