Refinancing with a 620 credit score.

Its possible, depending on the rest of your loan file and LTV. 620 fico will cost more, but the rates are still less than 5%, and you could get into a 30 year fixed rate. If you wait the rest of the 4 years until your ARM adjusts, you may be looking at much higher rates.

If you can qualify now, then I suggest you do it now, and not take a chance on what rates will be 4 years from now.

Your loan to value will play a role in what rate you will get as well. More information is needed to advise you. What are your goals? How long are you planning on staying in your home? Why is your middle score only 620? What is your outstanding balance? These are just a few questions that your mortgage pro will need to assist you properly. Speak to a local pro, see if there are some things that can be done to boost your score quickly and go over what your long term and short term goals are.

FHA financing allows for 620 middle credit scores. The value of your home and debt to income ratio will also affect a loan decision. Feel free to call me at 440-953-0447 #15 if you would like to be qualified for the refinance.Thank You Mike

Hi Suzanne, We don't have quite enough info to accurately answer this question. It is certainly worth looking into the possibility. Call a few local lenders and explain your loan scenario and they should be able to determine whether or not it makes sense for you. Most mortgage professionals will tell you if it truly doesn't benefit you.

Adjustable rates are much lower today... You will pay a bit higher rate because of your low score... But is it worth it? Only you can decide. Talk to a local mortgage broker and run numbers to see what is available to you, and does it make sense.

I agree with the others that there's not enough information to determine a rate ie loan amount and loan to value. I'd also agree that if your plan is to stay in the home, it'd be better to attempt the refinance now versus years down the road. I would not recommend an FHA loan unless you already have one (why add mortgage insurance if you're not currently paying it). If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

There are significant pricing premiums that you will experience with a 620 credit score. It's hard to say if you would benefit from a re-finance for sure, but it is unlikely. You would benefit greatly however from increasing your credit score and if I were you I would focus my attention there.