| While unemployment skyrockets, many who still have | | | | your credit cards or taking on too many loans; that you |
| their jobs may be considering how they can best | | | | pay your bills on time, and so on. |
| lower their monthly payments, and to that end, may be | | | | A low credit rating can actually hurt your efforts to |
| thinking of refinancing their mortgage. Others may | | | | refinance your mortgage, and in some cases, it might |
| want to switch their mortgage while they can, or take | | | | be more beneficial to take a year or two and try to |
| advantage of the opportunity to lower the interest rate | | | | raise your score before actually applying for a new |
| on their mortgage. But no matter how much research, | | | | mortgage. Even if you are approved, you will most |
| planning, and effort you put into refinancing your | | | | likely be given a loan with a high interest rate. This |
| mortgage, the best tool you can have in your arsenal | | | | would completely negate your attempt at saving |
| is your credit score. | | | | money. |
| Your credit score is going to be used by your potential | | | | If this is the case, you would be better off taking a look |
| lenders when considering whether or not they should | | | | at the problem areas of your credit report and doing |
| approve your application. If you have a high credit | | | | everything you can to fix them. Remember, when |
| score, they will look at your application very differently | | | | refinancing your mortgage, checking out your credit |
| than if you had a low one. This is because a high credit | | | | score can save you time and effort, and help to put |
| score tells them that you are financially responsible; | | | | you on the right track financially. |
| that you don't over-extend yourself by maxing out | | | | |