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Georgia Mortgage Interest Rates

Posted by  on Apr 16, 2009
 
Many homebuyers in Georgia go about refinancing their Georgia mortgage loans in the wrong way. They simply go into the first Georgia mortgage broker’s office that they find in the phone book and try to apply for a Georgia mortgage refinance. This is not a good way to go about doing things because you have to make sure you have a better credit score when refinancing your Georgia home loan than when you initially got your Georgia home loan.

Despite what your Georgia mortgage broker might tell you, your FICO score does not necessarily reflect your credit score. You can still have a low credit score even if you’ve never had a late payment in your whole life. Here are some ways to increase your credit scores and qualify for a better rate when mortgage refinancing in Georgia.

Georgia credit scorers look at certain facets of your credit history for certain patterns that might represent a person that has not or will not pay their bills on time. Based on these factors found in your credit reports they generate you a numerical credit score. According to credit scorers this is an accurate assessment of the risk you pose to Georgia lenders when mortgage refinancing in Georgia.

While you might share some similarities with the credit computer’s model of borrowers, everyone’s financial situation is different and the computer has no knowledge of this. There could be unaccounted differences in your financial situation that could make you a more credible Georgia mortgage loan borrower than your credit score might show.

When applying for Georgia mortgage refinancing, choose a Georgia mortgage lender that will work with you around your credit. In the mean time, do everything you can to boost your credit score before mortgage refinancing in Georgia. Many Georgia mortgage lenders will work around your credit details if you sufficiently explain your credit history. This is especially true of Georgia FHA and VA home loans. If a Georgia mortgage company is unwilling to look past your credit score’s number, find another Georgia mortgage company that will.

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