What credit score do you need to refi at these lower rates?

I have seen 5% and 5.25% advertised. Just wondering what credit score is needed to refi at these rates. DH and I have decent credit but with the way the credit industry is today I am wondering if they got stricter than when we bought our home in 2006.

Re: What credit score do you need to refi at these lower rates?

We were both about 780 and got 4.55% 30 year fixed.

Re: What credit score do you need to refi at these lower rates?

i think ti's more to do with how much you put down initally on your home and your payment history then your credit score. you were approved for your first mortgage so your credit must be okay... now that look more so at how large your loan is, how much you put down (are you paying PMI) and have you been on time with your payments.

Re: What credit score do you need to refi at these lower rates?

When I was looking into it Wells Fargo that the lowest we could get was 5% (I was looking when they were 4.75%) because our loan amount was less than a jumbo but more than a conventional loan. I think they called it a streamline non-conforming loan and it was an amount between $417,000 and $750,00. We also had put down 20% when we purchased the home in 2007.

Message edited 2/28/2009 9:10:03 PM.

Re: What credit score do you need to refi at these lower rates?

We have high 700's, I forget exactly how much and got 5.25 when it was 5.0. We are hoping it goes down again before closing since they said we are able to float it down once. So hopefully it will be 4.875 and we float down to 5.0 and probably will pay a point to get the 4.875. It's so frustrating because our payments were always on time and we have a great credit score! Oh well!

Re: What credit score do you need to refi at these lower rates?

Mine is 800 and DH is 780, we got 5%. If we had changed companies we could have gotten a lower rate, but it was worth it to stay with our current company because we only had to pay tax on the extra money we borrowed (something like that, DH did all the researching ).