Batesville, Indiana
1060 IN-229
Batesville, IN 47006
(812) 934-9078
FCN Bank Batesville your Friendly, Convenient, Neighborhood Bank.

Refinancing Your Home Loan? Fix Your Credit First May 19, 2017

Batesville, Franklin
Refinancing Your Home Loan? Fix Your Credit First, Batesville, Indiana

When you take out a loan, you’ll be expected to pay interest on the total amount. While interest rates vary, they can be adjusted over time through loan refinancing. However, if you’re looking to get the best rate possible, you’ll want to fix your credit before starting the refinancing process. The personal banking experts at FCN Bank in Brookville, IN, explain why.

The Higher Your Credit Score, the Better

People with low credit scores often only qualify for high interest rates. This is because the lender considers the loan at higher risk of default. If you work to raise your credit score, you may qualify for a lower interest rate when you refinance, saving you hundreds in interest payments over the remaining life of your loan.

How You Can Improve Your Credit

LoanSince low credit scores can be caused by a variety of factors, there are many different ways to start repairing your score. If you’ve run up a balance on your credit card, start making more than the minimum payments and pay down the amount you owe. Make sure you’re paying bills on time every month. Reducing your overall debts will help raise your credit score quickly.

While it may be tempting to pay off a credit card and close the account to avoid falling into debt again, it’s best to keep the account open. The older your credit history is and the higher your total credit limit, the better your score will be. Just be mindful of how much of your credit limit you’re using each month and work to keep it low.

Before you apply for loan refinancing with FCN Bank, make sure your credit score is as high as possible. This will help their bankers get you the best rate possible and save you money in the long run. Learn more about their services online and call 1-800-575-3262 to speak with a mortgage specialist.

Other Announcements, Events and Deals from FCN Bank
The Top 5 Reasons to Refinance Your Home, Batesville, Indiana
Are you considering refinancing your mortgage? If so, the current market can work to your benefit, offering you an easy refinancing process that includes applying for an online more
Online Mortgage Company Shares How Underwriters Qualify Loan Applicants , Batesville, Indiana
Unless they’re flush with cash, most homebuyers must apply for a loan to purchase a residence. Many people think that it’s simply filling out paperwork, though that’s just the more
5 Ways Refinancing Your Mortgage Can Save You Money , Batesville, Indiana
One of the benefits of having a mortgage is that when interest rates drop, homeowners have the opportunity to decrease their monthly payments by refinancing the loan. There’s also more
Top 5 Banking Tips for the Younger Generation, Batesville, Indiana
FCN Bank in Indiana knows that it isn’t always easy to manage your income, especially if you’re just beginning your career, which is why they’ve got five convenient locations more
Great Tips for Getting Your Small Business Loan Approved on the First Try, Batesville, Indiana
Whether you're taking advantage of an opportunity for growth or starting a new initiative, you may find yourself in need of some extra money for your small business. It's important more