Of all the ways there are to save money, lowering your monthly mortgage payment through refinancing is a pretty good option, if you can get approved that is.
With the economy being the way it is right now, it can be pretty tough to determine whether or not you'll actually get a new mortgage, much less one with a lower interest rate (and remember, unless the interest rate drops at least two percent, it's not worth refinancing).
So what can you do? Get a hold of a copy of your credit score.
This should be your first step any time you go to apply for a loan.
Just by knowing what your credit score is can give you a pretty good idea of whether or not you'll be eligible for the loan you want at the interest rate you want.
Take a high credit score, for example.
This tells lenders that you are financially responsible, that you don't have too much debt on your hands already, and that you have a history of keeping your accounts in good standing.
A low credit score, on the other hand, will most-likely hamper your efforts at refinancing.
Your financial record will probably appear spotty at best, and your chances of receiving a loan go down drastically.
If this sounds like what you're looking at, don't think that it's the end of the world.
Start paying all your bills on time, every time, and work hard to reduce your debt.
If you can afford it, try this trick to save you potentially thousands of dollars on your existing mortgage loan: kick an extra fifty-bucks a month towards the principal of your loan.
It'll help save you money and shave a few years off the end of your mortgage, making you free and clear sooner than you thought.
Your credit score is a great place to start for any financial occasion, and can help point you in the right direction.
Why not take a look right now?