Posted by Earnest on March 26, 2001 at 17:28:28:
So have you talked with only one bank? Its best to shop. Do it by phone, and don’t let anyone check your credit until you find a lender with right terms. That’s not becasue you may have a credit problem, but because credit scores go down with multiple credit checks. You want to wait until you’re certain where you want to go.
My experience is limited, but even in that I’ve learned a few things. Lenders look at the value of the home and the credit worthiness of the borrower. If you need to borrow only up to 80% of the homes value, you should be able to get a loan in the 7-8% area. If you are borrowing above that, you’ll be paying more. If you are attempting to borrow at or above the current value of your home, it gets expensive.
Your credit is another component, if your credit is “so so” as you say, its another factor. I don’t know if the fact that you have refinanced before is a factor or not.