Three possible reasons your mortgage rate is too high.

So, your mortgage rate is too high. Have you ever sat at your kitchen table, reviewing your bills and wondered why? Well, if you’ve finally come to the realization that you are paying too much for your mortgage, here are a few reasons why you may be paying too much, and what you can do about it:

You never took the time to shop around: At its heart, a mortgage is just like any other product — such as a car. That means you have the freedom and power to shop around for the best rate you can find.

A good way to start shopping for a great rate is to compare rates online first. Then make appointments at local, trusted mortgage banks and get quotes from them. It is imperative to do your research on every bank you are considering using and it’s a great idea to get referrals from friends and relatives.

Depending on what you are currently paying, you may see significant savings — especially if you’ve had your mortgage for a long time.

You have a poor credit score: A poor credit score can be another reason why your mortgage rate is too high. Many mortgage banks view your credit score as a reflection of your financial health. If you’ve been lax on credit card payments or have an exorbitant amount of debt, it could be impacting your credit score. Before securing a new mortgage or a mortgage refinance, take the time to work with your creditors and rectify any problems that are impacting your score by paying down debts and settling other credit issues.

You never took the time to refinance: Simply put, refinancing your mortgage is the process of restructuring your current mortgage. If you’ve had the same high rate mortgage for a long period of time, a refinance may be perfect for you. Just be aware that a refinance is not always ideal because the costs of the refinance may outweigh the savings you are looking for. Make sure your mortgage banker walks you through all the associated savings and costs before you make any decisions.

There are of course, many other reasons your mortgage rate is too high, but the three listed above are the most common. If you are serious about lowering your rate, talk to a trusted mortgage banker and they will help you find the right solution.