Mortgage rates are on the rise, and that means if you have been putting off a refinance, it may be time to hurry. The longer you wait, the more likely the interest rates will increase – at least in today’s economy – and that reduces the value of refinancing in the future.
Refinancing is not only affected by the current mortgage interest rates; it is also affected by your credit score. If you’re looking to refinance, you are going to want to fix your credit as best you can first. That way, you’ll qualify for the best possible rate, and save the most money in the long term.
How to Best Fix Your Credit
Credit scores are complicated, so it helps to speak with a loan originator at Open Mortgage for more specific strategies and advice based on your own unique credit. The following are some strategies that can make it easier for you to raise your credit score quickly:
In addition, all common sense practices are important. Do not make any late payments, try not to accumulate any new debt, and consider paying down any debts you can.
Contact Open Mortgage for more information on this this subject, and check out our video on making your credit score work for you.
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