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Fixed Rate Remortgage

Getting a fixed rate remortgage these days is more difficult than it used to be, but by no means impossible. Over the last four yeas, most people have seen or experienced the drawbacks to adjustable rate mortgages. Many people started out with a fixed rate loan which changed to adjustable after 2 or 3 years. The initial plan for these borrowers was to refinance just before the loan transitioned to adjustable. However, due to the mortgage market meltdown, approval standards tightened up, and a great number of these borrowers were unable to get approved for a fixed rate remortgage.

Getting a fixed rate remortgage depends on a couple of key factors. First, one's credit scores need to be fairly good, usually 680 or better. Next, one's payment history on the existing mortgage must be perfect. Lenders back away quickly when a borrower has multiple 30 day lates or worse on their mortgage pay history, and a borrower with problems on the mortgage pay history is likely to have a low credit score anyway. Lastly, the property must appraise for at least what it appraised for when the initial loan was obtained. As a general rule, properties appreciate in value, but over the last 4 years, properties in some markets have actually lost significant value. Ideally, the property will appraise for enough to cover the payoff of the original mortgage and the closing costs. Hopefully, the property will also appraise for enough to keep the loan amount at no more than 80% of the appraised value. Keeping the loan to value at 80% greatly increases the chances for approval for a fixed rate remortgage and also allows the borrower to avoid having to pay private mortgage insurance which insures the lender against default by the borrower.

In all, getting fixed rate remortgage is a process that is much easier for borrowers with good credit and who live in areas in which the real estate market is strong or at least holding its own.

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