Wells Fargo Refinance Mortgage Rates – Average 30 Year Home Loans Remain Under 4.75% Heading Into May 2011
Posted on | April 29, 2011 | Comments Off
As we head into May 2011 Wells Fargo refinance mortgage rates remain very close to all-time lows as average 30 year fixed home loans are around 4.6%. It is very important to remember that not all homeowners will be able to lock into a mortgage rates this low as it takes an amazing financial history and a credit score that is about 740.
Unfortunately, many Americans have made very poor financial decisions in the recent past which makes it nearly impossible to lock into the lowest possible mortgage interest rates today. By having a credit score that is well below 700 and a debt to income ratio that is below 40% Americans will miss out on an opportunity to take advantage of the low interest-rate environment.
With this being the case it is always a wise choice to pay down high interest rate debt obligations as soon as possible. By reducing a debt to income ratio many homeowners will find that it is much easier to refinance a mortgage rate to a much lower level as lenders will deem them much less risky.
It is also important to make certain that a credit report is free of any mistakes or errors. By having errors or mistakes on a credit history report it is likely the case that customers would have seen their credit score negatively affected. This can make it very difficult to lock into low rates as some households are currently noticing a credit score that is 100 points lower due to inaccuracies.
The free annual credit report is available online at the website annualcreditreport.com will help Americans better understand their financial history. This website is supported by the federal government and FTC and will help Americans much better address financial issues that could be weighing on their credit score in May of 2011.
Author: Mike Garner
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