When mortgage rates fall, homeowners may start crunching the numbers to see if refinancing makes sense. By getting a new mortgage with a lower interest rate, refinancing could potentially save you money in the long term. Fortunately, there are plenty of things you can do to help make this happen.<\/p>\n
Here are 11 ways to help get the best refinance rates:<\/b><\/p>\n <\/a><\/p>\n It pays to know what\u2019s in your credit reports before applying for a mortgage refinance<\/a>. In a study commissioned by the Federal Trade Commission<\/a>, a quarter of consumers had errors on their credit reports that might affect their credit scores \u2014 and some of those errors could result in less-favorable loan terms.<\/p>\n To check your reports, head to AnnualCreditReport.com<\/a>, where you can get a free copy once a year from each of the credit bureaus. Make sure to scan your credit report for:<\/p>\n Find out: What Documents Do You Need to Refinance Your Mortgage? A Checklist<\/a><\/strong><\/em><\/p>\n <\/a><\/p>\n Most lenders pull your credit history during the refinance process, so it\u2019s a good idea to check your credit score<\/a> to see if it needs work. Generally, most loans require a score around 620, but a 740 or higher will result in much more competitive rates. Here\u2019s a quick glance at how your credit score impacts your interest rate and the long-term costs of your loan:<\/p>\n\n\n
1. Scan your credit report for errors<\/h2>\n
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2. Boost your credit score<\/h2>\n