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Before you refinance, read these valuable tips

Know your credit-worthiness. Your approval will be based on three factors; if you pay your bills on time, your debt to income ratio and your employment/income history. To increase your chances for approval over time, you can pay your bills on time, do not apply for credit, reduce your credit card balances or obtain additional credit, if you have limited credit. Also establishing a good working pattern with the same employer or being self employed for a sufficient period of time will increase your chances for approval.
Avoid PMI. Lenders charge PMI to help protect them against loss in a foreclosure action. Private Mortgage Insurance is required when you buy a house with less than 20% down payment. A monthly insurance premium is added to your payment to cover this cost. Not all lenders require PMI, so shopping around for different lenders may help you avoid PMI. Several mortgage companies have programs available without PMI. Ask us about them today!
Know what your APR is. The annual percentage rate is different from your note rate. The APR does not affect your monthly payment but does reflect the amount of fees charged by your lender. Ask your lender what fees are included in the APR to compare.

Annual Percentage Rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.
Get a Good Faith Estimate. Your lender is required to give you good faith estimate of the fees you will be charged. You should ask him/her for the GFE as soon as you complete the application process. Your fees at the closing normally do not exceed the fees on your GFE.
Only refinance if it makes sense. Sometimes you may have to refinance to switch from an Adjustable Rate Mortgage to a fixed rate or to obtain cash. If you are refinancing to lower your rate, use our Break Even Calculator to determine if refinancing makes sense for you.