One of the biggest factors in getting a mortgage refinanced is your credit score. Regardless of your current mortgage rate, regardless of the equity you have, or don't have, in your home not having a decent credit score will leave you with limited options when it comes to home mortgage refinancing.

The main reason people refinance is to get a lower monthly mortgage payment through lower interest rates. Homeowners who want to take advantage of the near record low mortgage rates across the country can easily save a couple of hundred dollars every month. This equals thousands per year in savings that would have been otherwise paid to interest.

For a lot of homeowners, a refinance can be a great move financially if your credit score is in decent shape. However, if you do not have the best credit score do not worry. There are a lot of things you can do for free to improve your credit rating and get a good rate on a mortgage refinance.

Did you know that there is a high chance that there are currently errors on your credit report that could be costing you money? Their may be negative marks, things that have been paid but claim to not have been, and all types of errors, and wrong information. Credit reporting companies regularly make mistakes which make your credit rating worse than it should be in reality. Get a free credit report and take 2 minutes to browse through it so you can identify and errors and get them taken care of with the appropriate credit reporting agency. Check here for an really good, free, instant, credit report.

It is the law that credit reporting agencies investigate errors claimed by any person, remove them if necessary, and make the right adjustments to their credit rating. By taking a simple look at your credit score you will save yourself a lot of money by clearing up any possible errors in a quick and timely manner before going in for a refinance.

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