Tips to Get the Best Mortgage Refinancing Rate

Everyone loves saving money and qualifying for the best mortgage refinancing rate can save you a great deal of money on your mortgage loan. There are a number of mortgage refinancing pitfalls that result in overpaying thousands of dollars every year. Here are several tips to help you find the best mortgage refinancing rate while avoiding costly mistakes.

Mortgage Refinancing Rates: Check Your Credit First

Having the highest credit score for your financial situation will ensure you qualify for the best mortgage refinancing rate possible. Before applying for mortgage refinancing you should request copies of your credit records from each of the three credit agencies and review your credit reports for mistakes. Having mistakes in your credit report will significantly damage your credit score. If you find mistakes you'll need to dispute them with each credit reporting agency and allow enough time for the correction to boost your credit score.

Mortgage Refinancing Rates: Lock in Your Rate Guarantee

Make sure the lender you have chosen will guarantee your interest rate in writing. The written guarantee you receive from your mortgage company is not the guarantee from the wholesale lender that approved your application. Always ask to see the guarantee from the wholesale lender and tell your mortgage company you will not pay retail markup or Yield Spread Premium for your loan. If the mortgage company refuses to show you the original guarantee, find another mortgage company that will.

Mortgage Refinancing Rates: Shop for the Best Loan

Mortgage lenders all have different ways of evaluating your application and credit. If you contact four different mortgage lenders they will quote you four different mortgage rates. This is why comparison shopping for the best mortgage refinancing rate is so important. You can learn more about finding the best mortgage refinancing rate while avoiding costly mistakes by registering for a free mortgage tutorial.

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Posted in: Mortgage,Refinancing