Compare Remortgage Rates

Mickey | Financial Services | Friday, December 10th, 2010

So you need to refinance your mortgage, and want to get the best possible rate. If your credit score is good, then you should have no problem obtaining the best remortgage rates the mortgage company will offer. This could provide great financial help for you.

If you have never been late on a payment, or at least not within the past three years, are not over extended in your borrowings, and have not maxed out your credit card, then you probably have a pretty good credit score. This will help you obtain the best rates, as the mortgage companies will offer better rates to people with the lowest risk of defaulting. Your credit score is their way of assessing this.

Even if your credit score is not as good as it could be, you will still want to obtain the best rate applicable to your circumstances. This means two things: shop around for the best remortgage rate and be ready to negotiate. Know exactly where you stand with your finances, have a proper budget, and have a plan of action to improve both your financial situation and your credit score. When you meet with the consultants of the mortgage company, it pays to have the answers to any questions you are likely to be asked at your fingertips, and be able to explain your current situation as well as your plan to improve it. It may just swing the deal in your favor, and could even be the difference between them offering you finance or not.

Start your search on the internet. All of the major mortgage companies have web sites, and you will be able to read up on any special offers they may have as well as their general requirements. You will unusually find a tool to calculate the expected payment. This will give you an idea of what to expect, although the rate you pay may be higher if your credit score is not what it should be. It will, however, give a good idea of which companies offer the best rates.

You may even find a tool which gives a quick online assessment of whether or not you qualify.

From this search make a list of the companies offering the best remortgage rates, then go and see them. Remember to take all your documentation with you, including your budgets and plans, and be ready to answer questions and negotiate. This is better than doing it online, as you can neither explain to a computer nor negotiate with it.

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