Originally Posted by
Often1
Talk to your mortgage broker. They can tell you the qualifications for rock bottom rates. Also, remember, it's not just credit score any more. Mortgage lenders focus on # of applications, # of cards, recency, length of history and other such things.
Also worth running what a 0.1% drop in rate does for you over 5, 10 and 15 years. Generally a lot more than a cash purchase of a couple of F RTW tix !
I refinanced 2 rental houses and both applications just closed. My mid bureau score was 788. One was over 800 and the lowest in the low 780's. My average age of accounts is low due to CC churning and other recent accounts. (car loan opened in mid 2010 and paid off in Dec 2011). No issues whatsoever!!! I do have nearly 20 yrs with the same employer (govt) with decent pay. I was told that was the largest factor in getting the approval at the lowest interest rates. (my scores were above average especially with the CC churns and all the recent account openings in the last 2 yrs). My second largest factor in the approval is nearly no debt excluding rental real estate. I had a few small balances on CC's that showed up on my reports but those got paid off every month and was extremely small (<1%) relative to my income.
Refinancing rental houses are usually a major PAIN but I was pleasantly surprised that mine was a "slam dunk" with zero issues.
Bottom line: Nice App-O-Rama!!