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Topic - Brent Mendelson
Superlow mortgage interest rates have plenty of homeowners scrambling to contact lenders about refinancing, but not every homeowner can or should refinance. Mortgage experts say homeowners should ask themselves some questions and consider their goals before applying for a new mortgage.
If you save your money, avoid credit-card and other debt and pay all your bills on time, you may assume you have a stellar credit score. You might be wrong.
Though no one expects to be turned down for a home loan, the Mortgage Bankers Association (MBA) said 2.32 million Americans seeking a mortgage were rejected in 2010. The MBA estimated that the number of rejections would be higher if it included applicants who dropped out of the application process in anticipation of a rejection.
Media reports of the difficulty of obtaining a mortgage may have left a lot of consumers wary of lenders, but mortgage brokers and bankers say they have money to lend and can help most borrowers obtain a loan.
"I recommend that consumers go first to their lender before attempting to pay off a particular debt to fix their credit," Mr. Mendelson said.
Mr. Mendelson said homeowners also can choose a "rate-and-term" refinance with an FHA-insured loan that allows a loan-to-value as high as 97.75 percent.