If you are looking to refinance your home mortgage, you will find refinance mortgage interest rates quoted in newspapers, online, in your junk mail, and probably even on your bank statements. These numbers are published in hopes of attracting homeowners into refinancing their mortgages.

 When your mortgage broker, or direct lender, looks at your credit worthiness they will be pulling your recent credit report from the major credit reporting agencies. This report contains information on your current account balances and payment history. Lenders will use the information on the report to decide whether or not to lend to you, and at what interest rate. This report changes from one month to the next depending on how your payments have been made.     If you will be shopping for a home mortgage refinance loan, you will want to avoid any negative marks on your credit. Some of the worst negative marks come from foreclosures, bankruptcies, charge-offs, and collection accounts. These must be avoided when at all possible in the months and years leading up to your possible refinance.  Refinance mortgage rates depend a lot on your credit scores; however they also depend on your income stability. If you are in the market for a home mortgage refinance loan you will want to have a steady job for at least the prior year. By having a source of steady income, you are showing your potential lender that you can pay the monthly payments on your home mortgage refinance loan. 

By having steady income you reduce the risk to the lender that you will not repay the mortgage loan. By having gaps in your work history, or a lot of positions over a short period of time, the lender may see you as a risk for unemployment or late payments.

In addition to your income and your credit history, the third most important refinance mortgage rate criteria you need to be aware of is equity.  

 
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