If you have taken a subprime mortgage because of a low credit score, you may be thinking about refinancing to get out of the mortgage. As you think about it, the first thought should be about your current credit score. Second look at your debt ratios to make sure they qualify for a less expensive mortgage. Each standard mortgage has limits to both your housing and total debt ratio. The next factor is the loan to value of your property.
- Many persons wonder how they can get out of the trap of a low credit score, high debt ratio, or some other reasons that prevent them from a loan.
- If one works very hard at it, he can get out of a subprime loan because these loans don’t have prepayment penalties.
- One can look at his credit history and not his credit score from the online website, www.annualcreditreport.com if he is interested in it.
“If you don’t, you can find out typically from your bank and/or credit card companies as they usually offer free access to your credit score.”