You can improve your purchasing power when looking for a home by making sure you are pre-qualified by a mortgage lender.

How long does a Pre-Qualication process takes?
A mortgage lender will evaluate a potential homebuyer's credit report plus earnings, savings and debt information to get an estimate of the mortgage amount the borrower would qualify for...

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Is the rate low enough to refinance?
An old rule of thumb teaches that if rates drop by two percentage points, then it's time to refinance your mortgage. However, in today's market, if you're planning to stay in your home for a while, and you find a good deal on refinancing costs, it may be worthwhile to refinance with only a 1 percent lower rate.

Why refinance?
Besides a lower interest rate, other reasons for refinancing include converting from an adjustable to a fixed-rate mortgage, or wanting to build equity sooner by converting to a shorter-term mortgage. Some homeowners may want to draw on the equity they have already built to get cash for a major expense, such as their children's education.

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