FICO scores consider a wide range of information on your credit report. However, they do not consider:

• Your race, color, religion, national origin, sex and marital status.

US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.

• Your age.

Other types of scores may consider your age, but FICO scores don’t.

• Your salary, occupation, title, employer, date employed or employment history.

Lenders may consider this information, however, as may other types of scores.

• Where you live.
• Any interest rate being charged on a particular credit card or other account.
• Any items reported as child/family support obligations or rental agreements.
• Certain types of inquiries (requests for your credit report).

The score does not count “consumer-initiated” inquiries – requests you have made for your credit report, in order to check it. It also does not count “promotional inquiries” – requests made by lenders in order to make you a “pre-approved” credit offer – or “administrative inquiries” – requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.

• Any information not found in your credit report.
• Any information that is not proven to be predictive of fu

ture credit performance.

• Whether or not you are participating in a credit counseling of any kind.

Refinancing your home mortgage comes with numerous advantages. Primarily, home mortgage refinancing could save you a lot of home on your payment. It can also allow you to pay off the full home mortgage faster, especially when you have feasible terms.

When you are planning to refinance your home mortgage loan, make sure to consider these four important things to ensure it will not cause any problems afterwards:

* Learn the terms of your original mortgage
Before shopping around for the appropriate home mortgage lender, ensure that your original mortgage does not have pre-payment penalties or any kind of early payoff penalty.

Many people refinance their home mortgage not knowing that they will be charged for a pre-payment penalty. These penalties usually range from six months up to three years, plus another penalty for early payoff.

Although penalty amount varies, the average pre-payment penalty amounts to a six-month worth of mortgage interest. In order to justify refinancing mortgage loans with pre-payment penalties, you need to have significant payment and interest savings.

* Maximize your options
In order to ensure you are getting the lowest rate in the market, apply for pre-approvals to several different lenders. However, make sure that the lender is not pulling out your credit history during an initial pre-approval application.

Be aware that every time your credit history is pulled, it slightly reduces your credit score. When your credit history has too many inquiries, this may prevent you from refinancing your mortgage loan with a low rate.

In addition, assess different lender offers concerning interest rate offerings and closing costs. Remember that these two factors will largely affect your lender choice. Choose a lender with feasible rates to maximize your mortgage refinancing benefits.

* Choose your lender
Once you have compared different lenders, you can now allow your choice of lender to pull your credit history. Then, make sure to get the interest rates and closing costs into writing. Ask your lender to provide you with a quotation in advance of all possible costs involved with your loan.

Ask for information about whether the refinancing loan, which you will be getting, has pre-payment penalties. Most lenders leave this important information out, knowing they might scare consumers away.

In refinancing home mortgage, make sure you shop around and assess different lending options. Do not grab the first opportunity that comes before you. Be a smart consumer and refinance your home mortgage with the lowest rate possible.

About the Author:
Victor is the owner of http://www.homerefinancemadeeasy.com/ specializing in offering home mortgage refinance loan, home improvement,bad credit home mortgage refinance loan, home security and home equity mortgage refinance loan. Visit us now for more great home mortgage refinancing informations!

Welcome to Home Mortgage Loans Today. This blog was created to offer expert advice from a licensed mortgage broker regarding securing a mortgage, refinancing a mortgage and optimizing your credit score.