Mortgage can last a lifetime and that extra 1% can add up to literally thousands of dollars over the years. I have friends that are in their 70s and still paying off their home loans. It'll pay off in the long run to make sure you find the best deal possible. Don't let poor credit stop you from refinancing your home.
You can also save money on your mortgage refinancing by paying "points." This is a fee that effectively lowers the interest rate of your loan. If you plan on staying in your home for a long time, this long-term strategy can be an excellent way to save thousands of dollars.
Be Patient. Processing all of the paperwork that's required for a new loan takes time. Be patient while your loan moves through the system. Protect your credit score by paying your bills and making your mortgage payments on time and not taking on any more new debt than you absolutely have to.
If you have equity built up in your home, and you need cash, you have two choices: get a home equity loan or utilize cash-out refinancing. Each has its pros and cons, so be sure to evaluate your situation carefully prior to making a decision.
Unless you are getting a lower interest rate, refinancing your home may cost you more money in the long run and may require you to pay higher monthly payments.