When Should You Refinance Your Mortgage?
Some homeowners are understandably eager to refinance their mortgage loans and acquire a better rate. But instead of jumping into a refinance too fast, take time to assess your situation to see if now’s the right time to create a new mortgage loan. Lenders use numerous factors to determine the rate on your home loan. Preparing for a re-fi is key to getting the terms you want and deserve.
Know Your Credit Score
Myfico.com is the source to receive your personal credit score. Checking your score before refinancing is imperative because lenders use this three-digit number to determine eligibility and the mortgage rate on the new loan. A large percentage of owners refinance to lower their existing rate, but if your rate doesn’t fall within a certain range, you may not qualify for the most favorable terms. Refinance your mortgage loan when you’ve improved your score to 740 or higher…
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