New mortgage rates come and go each day. If you are looking to refinance your home for lower rates, you should time it carefully and research your options.

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When looking for new mortgage rates, keep these pointers in mind:

Check Your Credit Score

If you have not checked your credit score for a while, do so now. Your credit score has a big effect on your mortgage rate in that if you are able and willing to pay back your mortgage, lenders will be more willing to negotiate lower rates with you.

You can always improve your credit score by making regular payments on your debts such as student and car.

Explore Interest Rates

That new mortgage rate may look good, but what are its interest rates? Interest rates can sneak up on unsuspecting buyers and homeowners if they are not looking closely enough. Your lender should provide you with a Good Faith Estimate that includes not only costs of closing and other fees, but interest rates. Use this document to compare lenders and find the best option for you.

Watch Your Spending

Whether you are refinancing your home or in the market for purchasing a home, watch your spending. Making large purchases such as a new car can impact your credit score, thus affecting your mortgage rate options.

Keep In Touch With Your Lender

Since there is no way to know exactly what the mortgage market will be like, keep in touch with your lender. A reputable lender and mortgage company like SmartMortgage should keep you informed of any major changes in the market that might affect your mortgage rates.

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The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.