Can I Refinance with a 700 Credit Score? Rates You Can Expect

A 700 credit score places you firmly in the “good” to “very good” credit category — and if you’re looking to refinance your mortgage, you could be in a strong position. At 700, you may qualify for nearly every refinance program, and you’re just below the top-tier pricing thresholds (720–740+) that unlock the best rates in the market.

The good news?

A 700 score may qualify you for excellent refinance rates and competitive terms.

The even better news?

You may be just a few points away from the best rates lenders offer, making this a strategic time to compare offers or improve your score slightly to maximize savings.

This guide breaks down what refinancing looks like with a 700 credit score, which loan options you may qualify for, the rates you can expect, and how lenders treat the 700-tier.

Key Takeaways

• A 700 credit score may qualify for all major refinance loan types

• Rates at 700 are strong, but improve even more at 720–740+

• Cash-out refinances may be widely available at 700

• Pricing adjustments are mild — but still present — below 720/740 thresholds

• PMI costs improve at a 700 credit score compared to mid-600s and below

💡 Pro Tip: Because lender pricing can vary widely even with credit scores of 700, it’s important to get multiple offers and compare them side by side.

Can You Refinance with a 700 Credit Score?

Yes — a 700 credit score gives you access to many programs, including:

• Conventional rate-and-term refinances

• Conventional PMI-removal refinances

• FHA refinances

• FHA Streamline

• VA IRRRL

• VA cash-out refinances

• Most jumbo refinances (depending on the lender)

Approval odds and good pricing are often within reach with credit scores in the 700s, but every lender differs, so it’s important to shop around.

💡 Pro Tip: Pricing can vary significantly for the same loan. You’ve worked hard to build your credit score; make sure you reap the benefits by getting competitive loan terms.

Loan Programs Available at 700 Credit Score

There are many loan programs available at a 700 credit score, including the following.

Conventional Refinance Options at 700

A 700 score places you in a great position for conventional refinances.

Conventional Rate-and-Term Refinance

Most lenders accept a 700 credit score for a rate-and-term refinance, but results vary by borrower profile and lender requirements.

PMI-Removal Refinance

If you have an LTV of 80% or lower, a 700 credit score often puts you in a good position to refinance to remove PMI.

Conventional Cash-Out Refinance

Most lenders require scores of 660–680+ for cash-out refinancing, so 700 falls well above that range. Exact requirements vary by lender, but cash-out pricing is often better and more flexible at 700 than at 660 or 680.

Pricing at 700

With a 700 credit score, you may see:

• Strong rates

• Moderate-to-low pricing adjustments

• Optional discount points (not mandatory)

• Competitive APRs

At 700, you’re just one tier below premium pricing.

FHA Refinance Options at 700

Although FHA loans are designed for lower-income or lower-credit borrowers, a borrower with a 700 credit score may find it useful, depending on their goals.

FHA Rate-and-Term Refinance

If you have little equity in your home, but want to refinance for a lower rate, the FHA rate-and-term refinance may be a good option.

FHA Streamline Refinance

If you already have an FHA loan and only want to refinance to get a lower rate or another tangible benefit, the FHA streamline loan may be a good option because it offers:

• No appraisal required (in most cases)

• Minimal income documentation

• Quick approval

• Exact requirements depend on lender overlays.

FHA Cash-Out Refinance

Most lenders require credit scores of 620–640+ for cash-out refinances, so a 700 credit score could work well.

Should a 700 Score Borrower Use FHA?

Every borrower has different reasons for refinancing. What’s most important is determining the long-term cost of the loan, which, for FHA loans, means the mortgage insurance premium.

However, for some borrowers, it may make sense, especially if:

• The LTV is above 80%, and conventional PMI is expensive

• You want easier underwriting

VA Refinance Options at 700

VA loans are extremely credit-flexible, and 700 puts you in their best pricing categories for many lenders.

VA IRRRL (Streamline)

The VA IRRRL (streamline) refinance is for current VA borrowers who strictly want to refinance to lower their rate or realize another tangible benefit.

While requirements vary by lender, you may enjoy:

• Minimal documentation

• Great pricing at 700

• Often no appraisal

VA Cash-Out Refinance

VA loans are also generous with their cash-out refinance requirements. Like any loan, the exact requirements vary by lender, but in general, a 700 score receives:

• Strong pricing

• More flexible DTI allowances

• Better options for large loan amounts

Jumbo Refinance Options at 700

Jumbo loans are even riskier for lenders, and many jumbo lenders require minimum scores of 680–700.

So a 700 borrower:

• Meets most requirements

• Receives solid (not top-tier) jumbo pricing

• May qualify for expanded cash-out options

Raising your score to 720 can dramatically improve jumbo pricing — but 700 is still very workable, depending on the lender.

💡 Pro Tip: If you’ve worked hard and hit a 700+ credit score, don't lose your good pricing to a 0.25% rate markup that shouldn't exist. Before signing, upload your Loan Estimate to Fincast to ensure you have a competitive offer.

How a 700 Score Affects Lender Fees

Lender pricing adjustments may be lighter at 700 than mid-600s, depending on the lender.

In general, you may see:

• Lower origination fees

• Minimal risk-based pricing hits

• Fewer required discount points

• Higher lender credits compared to lower tiers

Example

Borrower at 700 may need:

• 0 points or 0.25 points to reach preferred pricing

Borrower at 660 may need:

• 0.5–1.5 points

Borrower at 740 may need:

• 0 points

• These figures are for illustrative purposes only and do not reflect what you could get. Always check with your lender to determine what you qualify for.

💡Pro tip: Two lenders could analyze the same score and produce significantly different offers. This is exactly where Fincast gives homeowners a significant advantage. Upload a single Loan Estimate and get competing offers to see where your offer stands.

How a 700 Score Impacts PMI

If refinancing conventionally with LTV > 80%:

• PMI pricing improves noticeably at 700

• You’ll pay far less than a borrower at 640–660

• But still more than borrowers at 740+

Sometimes switching to FHA may still be cheaper if PMI is very high — depending on loan size and long-term goals.

When Refinancing at 700 May Make Financial Sense

Refinancing at a 700 score may be a smart move when:

1. Rates are lower than your existing mortgage

Savings can be substantial in the short and long term.

2. You want to remove PMI

Your PMI pricing may be favorable at 700, and avoiding it entirely saves even more.

3. You want to consolidate high-interest debt

Since borrowers with a 700 credit score often receive preferential pricing, you may be able to save money by consolidating high-interest consumer debt.

When You Might Wait to Refinance

Refinancing doesn’t always make sense, especially if the fees are too high or the timing isn’t right. Here are a few common reasons to wait:

1. You’re close to 720 or 740

These are major pricing breakpoints.

2. Lenders require discount points

Improving your score may eliminate those points.

3. You’re refinancing a jumbo loan

Jumbo pricing may improve significantly at 720.

4. You have high credit utilization

Paying down cards may give you a quick score boost.

How to Improve a 700 Score

No two consumers will realize the same results when trying to improve their credit score, even using the same methods, but each of these methods may help improve your score slightly:

1. Lower your credit utilization

Pay down your revolving balances may help your credit score improve relatively quickly.

2. Avoid new credit

Opening a new credit account lowers your credit score and may also harm your chances of approval.

3. Correct credit report errors

Errors happen all of the time on credit reports. Check your reports and dispute any errors immediately to improve your score.

4. Avoid closing old accounts

A part of your credit score depends on the age of your credit accounts. The older they are, the better it is for your credit score.

5. Pay everything on time

A perfect payment history matters most in many credit score models.

Why You MUST Compare Lenders at a 700 Score

Even though most lenders consider a 700 credit score “good,” that doesn’t mean they all price it the same. Some lenders may still charge points, adjust the rate, or charge other fees.

The difference between offers for borrowers with a 700-credit score can vary significantly, especially for:

• Cash-out refinances

• High-LTV conventional loans

• Jumbo refinances

• PMI-based pricing

How Fincast Helps

Lenders often assume 700-tier borrowers won’t comparison shop, but it’s just as crucial to ensure you have the most competitive deal. If you don’t have the time (or patience) to do it manually, you can apply with your preferred lender, and once you receive your Loan Estimate, upload it to Fincast using these steps:

1. Upload your Loan Estimate

You don’t need to complete a new application, and there is no credit pull. A single Loan Estimate can get you multiple offers from other lenders.

2. Fincast analyzes your pricing

The algorithm analyzes the following:

• Rate

• APR

• Fees

• Points

• Credits

• PMI

• Closing costs

3. Vetted lenders anonymously compete to beat your offer

You remain anonymous because Fincast doesn’t share your personal information. If you decide to move forward with a new lender, you would then share your information, but in the meantime, you do not have to worry about spam.

4. You get a transparent comparison

If your deal is excellent, Fincast confirms it. If not, you’ll have access to other offers.

FAQs: Refinancing with a 700 Credit Score

Is 700 a good credit score for refinancing?

Yes — it's a strong score that often opens up great pricing.

Can I do a conventional cash-out refinance at 700?

Yes — most lenders prefer 680+, but, as with any loan type, be sure to shop around.

Are rates much better at 720 or 740?

These are major pricing thresholds, but pricing varies by lender.

Will refinancing at 700 hurt my credit?

Most borrowers see a small dip in their credit score when they refinance due to a new inquiry on their credit report and the effect of taking out a new loan, but it usually resolves itself quickly.

Can 700 qualify for a jumbo?

Yes, many lenders accept credit scores as low as 700, but it varies, and you should always shop around to ensure you get the most competitive deal.

Bottom Line

A 700 credit score puts you in an excellent position to refinance. You may qualify for all major loan types, pricing can be competitive, and you’re close enough to premium tiers that even small improvements may increase savings.

But because lenders price the 700 tier very differently, comparing offers is essential — and that’s where Fincast gives you a powerful advantage.

Action Checklist

☑️ Confirm your 700 score

☑️ Identify which refinance program fits your goals

☑️ Request your Loan Estimate

☑️ Compare lenders anonymously

☑️ Lock in the refinance that maximizes your savings

👉 Ready to see the real rates available with your 700 credit score?

Upload your Loan Estimate to Fincast and let vetted lenders compete anonymously to offer you their best pricing — no spam, no extra credit pulls, just smarter savings.

This article is for educational purposes only and does not constitute personalized financial advice. Mortgage requirements vary by lender and individual circumstances. Consult with a licensed mortgage professional for your specific situation.