Wells Fargo Refinance Mortgage Rates – Increase Your Credit Score for Lower Rates
Posted on | December 8, 2009 | No Comments
Wells Fargo refinance mortgage rates have been very volatile over the last few weeks. If you want to lower your interest rate as much as possible the best thing you can do is increase your credit score. The higher your credit score is the more likely you are going to find that you have accessed the lowest interest rates on all of your loans including your home loan. Unfortunately, many homeowners have seen their credit score drop over the last few years and this is hurting them in the refinance process.
With mortgage interest rates being very close to all-time lows now is one of the best times to apply for a home loan refinance. The last weekend in November so mortgage interest rates around 4.49% for the 30 year fixed rate mortgage. This was an all-time low that has not been seen since mortgage data has been collected since 1971. Since then, mortgage interest rates have moved all the way up to 4.76% before pulling back to around 4.65% today.
If you hope to lock into a low mortgage interest rates on your refinance it is very important that you have equity in your home and a relatively good credit score. The easiest way to increase your credit score is to make sure all your bills are paid on time and in full. It may take several months and possibly even years to build your credit score to the level you want but it will be well worth it to start now so your financial life will be easier in the future.
Wells Fargo is currently advertising very low mortgage interest rates so that might be worth you to contact them and see which rate you qualify for. There are also many other lenders that are currently advertising mortgage rates well under 5%. Please understand that if you have a credit score of 650 or below your going to find it very difficult to get a low mortgage interest rate and the current economic environment.
With any major financial decision in your life, especially your home loan, it is very important to do a great amount of research and homework. With the amount of free resources online there is absolutely no reason that you should not do several hours of research to find out what options are available to you. If you do your research the mortgage refinance process will be much easier in the long run.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Jeremy North
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