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How does my credit score impact my ability to refinance a loan?

Curious about Refinance

How does my credit score impact my ability to refinance a loan?

Your credit score is an important factor in determining your eligibility for loan refinancing. Lenders generally prefer borrowers with a good credit history and a high credit score, as it indicates that you are likely to repay the loan on time. A higher credit score can also qualify you for a lower interest rate, which can make refinancing a more attractive option.

If your credit score is lower than what lenders typically look for, you may still be able to refinance your loan, but you may not qualify for the most favorable interest rates. In some cases, lenders may also require you to provide additional documentation or collateral to secure the loan.

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