Refinancing your mortgage can potentially save you thousands of dollars over the life of the loan—that is, if you're able to secure a lower interest rate. Generally, it makes sense to refinance if you can reduce your current mortgage rate by at least 0.5% to 0.75%. Getting the best possible refinance rate, however, requires some strategic planning. Improve your credit score Your credit score is one of the biggest factors that impacts the mortgage rate you'll receive. Lenders reserve the lowest rates for borrowers with excellent credit, typically scores of 760 or higher. Pay down credit card balances, correct errors on your credit report, and avoid new debt before applying to refinance. Even
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