Get the Score Lenders Use to Evaluate Your Home Refinance Loan

After you’ve determined that you’re ready to refinance, you need to understand how lenders see you. Lenders will determine your credit-worthiness based on your three FICO® scores.

By getting your scores, you can be sure that you know the kind of loan offers you should be receiving before lenders present you with numbers.

FICO® scores are the credit scores most lenders use to determine your credit risk. You have three FICO® scores, one for each of the three credit bureaus – Experian, TransUnion and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your FICO® scores tend to change as well.

If you don’t think that your FICO® scores are important, think again. The rate you can expect to pay for a loan is dependent on these scores. The difference between a FICO® score of 620 and 760 can often be tens of thousands of dollars over the life of your loan. A low score can cost you money each month or even stop you from refinancing at a rate you know other people are getting.