Refinancing - Get up to 5 quotes from top companies

Homeowners are flocking to refinancing lenders to take advantage of the lowest mortgage rates in decades. If you have a high credit score, you may be able to get the best rates being offered by lenders for refinance.

Research your options via the Internet and talk to a few refinance lenders to find out about the best deals. Talk to the loan officer at your bank to find out about the home refinancing deals being offered to existing customers. An online mortgage refinancing calculator can help you to assess your options.   

You may not be able to refinance if the value of your property is less than what you owe more on your home mortgage. This situation is known as being underwater or being upside down, and it greatly increases the chances of foreclosure.

Refinancing may not make sense if you are planning to move out of your home in the next few years. If you opt for refinancing, you may have to pay a prepayment penalty, apart from refinancing fees. If you move out of your home soon after you refinance, you will not be able to recover these refinancing costs through lower monthly payments.

If you have less than 20 percent equity in your home, the refinance lender may ask you to arrange for Private Mortgage Insurance (PMI), which covers lenders against the risk of default. PMI may not be easy to get in some areas, and the premium you will have to pay will make refinancing less attractive.

The latest foreclosure prevention program of the government aims to help borrowers to prevent foreclosure. The program is not meant for those who have stopped paying on purpose, or those who have the capacity to help themselves. You may be eligible for the government aid program if the amount you owe on your mortgage is not more than 105 percent of the current value of your property.

Obtain quotes in writing from several mortgage refinance lenders and take time to check their credentials and background. Ask for references and call them up to find out about the past performance of the lenders. Read the fine print and don’t sign anything you don’t understand.

Lenders for refinancing are known to provide loans with different rates and fees to applicants with the same qualifications, so be prepared to negotiate for a better deal. Ask the refinancing lenders if they will give you better offers than those provided by others.

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