Guide-To-Refinancing.com, the ultimate source for refinancing information

Welcome to Guide-To-Refinancing.com, your one-stop resource for advice and help for refinancing your mortgage, your auto, your mobile home, and more. Browse our Refinancing Menu to the left for the refinancing information you need.

Refinancing, in the long run, can often add up to significant financial savings. Refinancing can be a smart move, even with the initial costs. It is important that you do a spreadsheet breaking down your overall payments to compare which refinancing package is the right choice for your goals. It is important to look past the immediate expenses and determine if over time if refinancing will positively impact your financial scenario. Some people cannot see past the initial costs and often lose out of significant long-term savings.

No matter what your reasons for refinancing, you need to compare several loan programs prior to making your final decision to obtain the most favorable program to lower interest payments. While you are researching for the best interest payments, be conservative on how many refinancing consultants you allow to perform a credit check on you.

Unfortunately, shopping several sources for the best interest rate will trigger several inquiries on your credit history, which will adversely affect your score, sometimes with as little as 3 or 4 inquiries. FICO scores are your credit rating, with scores at about 620 determined to be "A" credit. FICO scores are numerical statistics predicting how likely you are of repaying a loan. However, FICO does not divulge how little or how many such credit history investigations will lower their scoring process.

Your FICO credit score can play a significant role in the type of interest rates you receive. Fortunately, ordering your own credit report does not negatively affect your credit score. To getter a better profile of your loan options, obtain a free copy of your credit report from this service sponsored by the nationwide consumer credit reporting companies of Equifax, Experian and TransUnion.

When you do request your Credit Report, ask that your FICO score be included. Many lenders post the minimum required credit score to qualify for certain loan programs. If you know your score, you can quickly determine yourself, without putting your credit score at jeopardy from too many credit history inquiries from different lender sources, if you do meet the minimum credit score requirements of each loan package your are considering.

There are several factors which can improve your overal credit score:
1. Making your loan payments on time and in full
2. Cutting down your overall debt
3. Refraining from forclosure and/or bankruptcy
4. terminating unnecessary credit accounts

If you find yourself unable to avoid late debt payments, or bankrupty and/or foreclosure, and your credit score is less than 620, you may still qualify for refinancing loans, but your terms may have less favorable features and pricing.