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If you are getting ready to refinance your home or existing mortgage, there are several requirements to meet before approval. Because there are several different loan types as well as specific criteria that you must meet, it is important to discuss all options with your lender.

Credit scoring
One of the most important things a lender looks at before you can be approved for refinancing is your credit or FICO score. This is considered a credit check and looks at your overall credit history, both past and present. The lender will run a credit report that displays all of your creditors, open accounts, closed accounts and revolving credit accounts. Information provided will include the amount of the debt, if it was paid on time and if it was turned over to collections or paid off successfully. Any type of negative information you may have on your credit report such as a collection account, high unpaid credit card balance, bankruptcy or judgment will affect your FICO score. Continue reading

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