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Refinance Mortgage: How to Qualify for the Best Mortgage Interest Rate
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By Louie Latour

If you are in the process of refinancing your mortgage, qualifying for the best interest rate can save you thousands of dollars. Here are several tips to help you qualify for the lowest interest rate possible for your mortgage refinance loan.

Clean Up Your Credit History

Mortgage lenders use your credit history to determine your interest rate. Your FICO credit score allows a mortgage lender to gauge how much of a financial risk you are. The lower your FICO score, the greater a risk you are, and the higher your interest rate will be. There are steps you can take to clean up your credit before applying for a mortgage, ensuring you will qualify for a better mortgage interest rate.

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The first thing you should do is request credit reports from each of the three major credit agencies. Stay away from those free credit report websites; they all try and sell you services and the credit reports end up being quite expensive, far from free. Recent legislation in the United States requires each credit agency to provide you a free copy of your credit report once per year. You can access these free reports from the website AnnualCreditReport.com.

Once you have your credit reports, carefully review them for errors. If you find errors you will need to dispute the errors with each credit agency and the creditor that placed it there. If you have negative information in your credit history such as a write-off, you should settle with the creditor and have that information removed from your record.

Shop and Negotiate for the Best Mortgage

When refinancing your mortgage loan it pays to shop around for the best deal. When you shop for the best mortgage offer it is important to compare all aspects of the loans, not just the interest rates. Many homeowners that neglect to make this comparison overpay for everything from lender fees to closing costs. When you compare loan offers, don

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This entry was posted on Sunday, October 1st, 2006 at 4:59 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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