Refinancing and other debt may derail you from getting a decent rate

Refinancing and other debt may derail you from getting a decent rate

In these tough economic times homeowners are struggling to find ways to save money. If you are one of the lucky homeowners who are not under water and actually may still have some equity in your home, but want to take advantage of the lower interest rates you should read this article.

Know what is on your credit report, it is important especially these days due to tighter lender guidelines, financing is not easy to come by. You can assume you have excellent credit, but there could be something on your credit profile you may not be aware of.

Medical bills often appear on consumer's credit reports even if they have insurance. Often you may have billing issues between your insurance carrier and the last doctor visit. If you happen to have a medical bill go to collections it could impact your credit scores quite a bit.

You are allowed to pull your credit report for free from all three credit bureaus. Experian, Trans union, and Equifax, by law you can do this once a year with no cost to you, however, these reports will not show your credit score. Starting next year 2011 you will be able to pull your credit report including a credit score for free!

The Medical Debt Relief Act is also waiting for review by the Senate, if passed this bill would allow all settled medical bills to be removed after 45 days instead of the seven years.

So if you are in the market at refinancing, you should pull your credit report, review it and make sure there are no mistakes or things you were not aware of. It could certainly make the difference between a great rate and a mediocre rate.

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