When it comes to refinancing your mortgage, the interest rate you’re able to secure is an important part of the equation. Now may be a good time to refinance to meet monthly and annual financial goals.
With a refinance may be able to lower your monthly payment, cash out some of your home equity for a remodel or to consolidate debt or change the term of your loan. A refi can help you achieve one or more of those goals. By comparing rates and terms from multiple lenders, you could save thousands of dollars in interest over the life of the loan, pay off your mortgage sooner or reduce your monthly expenditures.
Your credit score has a significant impact on the interest rate you qualify for when refinancing. Since your credit score is a major factor, you need to review your credit report. If your score is low you can find ways to improve it by paying careful attention to your report. The first step is to look for any errors – delinquent payments for accounts you never had. You can contact the credit agencies and have these corrected, which could raise your score by a substantial amount.
Other factors that can impact your credit score include credit card balances. If your credit report is not where it needs to be, we can help you evaluate your mortgage situation* and if there’s a way to do a refinance now, we’ll find it.
*Caliber Home Loans, Inc. is not licensed to provide credit repair advice.