When Should You Refinance Your Mortgage?

When Should You Refinance Your Mortgage?

San Diego with RealtorPeg

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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