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Here is a list of five tips that you have to keep in mind when you are trying to refinance your mortgage.

The credit score that you have will be pulled out when you start the application process for a mortgage refinance. You will need to submit documentation to support your application and you will probably be asked for more documents as you move towards closing the application process.

1. Get your documents ready. By being prepared, you are able to close your application process at just the right time, such as when rates hit a low.
2. Check your credit rating. Make sure it is in good shape. Using credit reports to fix problems with your credit as soon as possible. Simple charges such as a late fee can pull down your credit score.

3. Stick to your decision. If you have made your choice to refinance, make your move on it. Waiting for rates to move down further can backfire on you if the market suddenly swings up.

4. Pick a rate early. Know what rate makes sense for you early so you know what rate you should decide to refinance your loan so you know if it is worth it, financially.

5. Rates could fall some more, or could rise just a bit. But remember, these days, rates are very good so don’t wait for another collapse to make your move. It doesn’t make sense to hope for an economic downturn.