Why Waiting to Refinance Could Cost You Big

Lendingtree
By Casey Hines
Published: November 26, 2018

If your credit score has jumped since you took out your mortgage, you may want to see if you can qualify for a better interest rate. “I think that if you were in the 600s and you get your credit score up above 750, it’s probably worth taking a look at if the math is there,” Sestok said. Even if you’re not in a position to take out a shorter-term mortgage, a lower interest rate could boost your monthly cash flow through lower payments.

Sestok noted that you don’t need to complete a formal application to find out whether you’re likely to qualify for a better rate. A mortgage specialist will be able to evaluate your prospects before you commit to a refinancing application, so you won’t waste time if there hasn’t been enough improvement to impact your borrowing abilities.

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Third parties mentioned in this article are not affiliated with Rightirement Wealth Partners or LPL Financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Please consult your financial advisor for additional information concerning your specific situation.

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