If you’re shopping for mortgage refinance rates you might be frustrated that the quotes you’re getting are coming in higher than what lenders are advertising. The reason may have to do with your credit score and mortgage details; however, there are steps you can take to improve the refinance rates you’re being quoted. Here’s an article by Dan Green at TheMortgageReports.com explaining how mortgage rates move and why shopping for mortgage refinancing is getting easier:
Mortgage rates have “slowed down” lately, making it easier for home buyers and rate shoppers to compare rates between banks. Mortgage rates move like stock prices, changing all day, every day. The rates you see in the morning are gone by afternoon and different by the next morning. Mortgage markets change. That’s what they do.
Remember that the refinance rate quotes you get depend on your credit score and loan-to-value ratio. Lenders advertise mortgage rates assuming that you have a credit score of 720 or better and a favorable loan-to-value ratio. Most homeowners don’t fall into this category and their mortgage rates are going to be quoted higher.
If you’re considering mortgage refinancing and don’t already know what your credit score is you should first check your credit reports for mistakes. The website annualcreditreport.com will give you free access to all three of your credit reports once per year. Go through each credit report carefully and if you find mistakes, you’ll need to dispute them. Here is the contact information for disputing errors with the three credit bureaus:
To dispute information on your Experian Credit Report, you can contact Experian online.
To dispute information on your Equifax Credit Report, you can contact the bureau by postal mail:
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374-0256
To dispute information on your TransUnion Credit Report, you can contact the bureau by postal mail:
TransUnion Customer Relations
P.O. Box 1000
Chester, PA 19022
You can learn more about getting today’s lowest refinance rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.