Wells Fargo Refinance Mortgage Rates – Home Loans for Bad Credit Borrowers Still Remain at Low Levels in July
Posted on | July 19, 2010 | Comments Off
Wells Fargo refinance mortgage rates are at extremely low levels as many Americans have found that 30 year fixed home loans are around 4.5% for borrowers to qualify. It is important to remember for those with bad credit is going to be nearly impossible to lock in the interest rates at this level.
To receive interest-rate offers below 5% borrowers will likely need a credit score above 740 and a low debt to income ratio. If you have a bad credit score, below 580, there is no way that a mortgage lender will be willing to take the risk and offer you a low mortgage interest rate.
Unfortunately, many bad credit borrowers are finding that mortgage interest rates are not nearly as low as they desire. With this being the case it is important to understand just how much you will need to save to benefit from the refinance process. It is a general rule of thumb that most homeowners must save at least one full percentage point to benefit from refinancing.
Mortgage rates close to all-time lows some bad credit borrowers may have the opportunity to lock in the lower rates today. Just because you can not receive the lowest possible interest rates does not mean that you will not benefit from the current low interest rate environment.
Author: Jeremy North
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