Why Waiting to Refinance Could Cost You Big

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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