A good credit score is always a necessary requirement if a homeowner really wants to get hold of the most affordable refinancing mortgage rates on no doc refinance loans. This type of loan is mainly approved for established businessmen or self-employed people who are shifting their current business from one community to another and thus do not have the scope to document income or assets in the process. No doc refinancing loans often come at high rate of interest and so before finalizing this option it is important to know whether one can qualify for other more traditional types of refinancing home loans which come with lower rate of interest. Many times homeowners opt for refinancing when they are facing problems with their mortgage loan repayment schedule and these homeowners will definitely not have good credit rating to convince the mortgage refinance lenders to approve no doc refinance loans.

Having good credit score and good equity in one’s home is the most welcome scenario for lenders as for such homeowners they can approve no doc refinancing mortgage loans blindly without verifying assets or income or even the employment history. A good credit history means that the person is financially stable and so is capable of repaying the mortgage loan without much hassle. The refinancing mortgage rates can be best select through online mortgage refinance lenders as their rules and terms are always more flexible than the rates offered by conventional lenders.