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In today's economy a penny saved is a penny earned. Here are a few essential tips to help you save money.

Tip #1 Inquire About Any Hidden Costs:

-Don't let the title of this article fool you. Every single refinance that has ever occurred has had some sort of fees during the transaction. The key to avoid any hidden costs is to know what you're looking for during the refinance process.

Here is a small list of what you should expect to pay for during your Mortgage refinance process:

• Document Preparation Costs

• Courier Costs

• Additional application Fee

-Every lender is different. Do yourself a favor and make sure to ask for a cost-accounting form that lists all fees within three days of your initial contact.

-Do the math for yourself and add up all the costs. Remember the smallest interest rate is not always the biggest savings for your wallet.

Tip #2 Close Inactive Credit Cards:

-Did you know that if you currently have any inactive credit cards in your possession it could negatively affect your credit score?

-The credit bureaus don't discriminate when it comes to dinging you and lowering your credit score. Live by the motto "use it, or lose it." Cut up your credit card and get on the phone and close your inactive credit card accounts.

-Once the bond between you and the credit card company has been broken, the credit card bureau will reward you by providing you with significantly lower interest rates as well as greater prospective refinance opportunities.

-30 days you cancel your credit card, make sure to verify that your credit card account has been canceled by "Request of the card holder." (This is key; there is a huge difference between the card company and you canceling your card.)

Tip #3 Paying Up Front Can Save Thousands:

-For long-term lows on your interest rates, you can save a bundle by simply purchasing "points".

-Purchasing points is an extremely easy process. Simply pay some fees when you start the Mortgage refinance process and secure yourself the lowest of the low interest rates for the life of your loan.

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