It is not necessarily an easy decision to get a mortgage refinance.
You probably have weighed all other options before concluding that this
might be the best course of action for you to take. Once you have
decided to refinance your mortgage, it might be time for you to start
figuring out the best mortgage refinance company from whom you would
wish to borrow money. Although the application process for a first
mortgage and a mortgage refinance are almost similar in nature, you
would need to approach the matter from a different angle on your second
mortgage and consider your options from a different point of view.

Just as it was with your first mortgage, you would
probably want to consider the best refinance rates you could get for
your second mortgage. It is advisable that you take the following steps
to gain some idea on the possible refinance rates you could actually
get:

i) Checking out national rate Different states have
different interest rates. Depending on the state where you reside, it
would probably help you more to check the national mortgage refinancing
rate.

ii) Inquiring about purchasing points Generally refinancing
means you might be able take a loan at a lower interest rate to pay off
your old loan. Depending on the mortgage refinance options that you
have considered, you could probably get your second mortgage approved
with a significantly lower interest rate. However, this does not mean
that you automatically get to pay less every month. It might be
important for you to get your creditors to clarify whether you will need
to pay for the buying down of the interest rate or not. It could be
that you are able to get a low interest rate because your creditor will
write it up as your purchasing points to get the low interest rate.

The
fees for purchasing points are rarely included in the introductory
interest rate. This is why it could be one of the most important things
you might need to be sure of because if it turns out that you might
actually have to pay extra for the purchasing points, you would probably
end up having to spend thousands of dollars for the purchasing points
alone.

iii)
Closing costs In many cases, if you opt to refinance your mortgage with
the very same lender from whom you borrowed for your first mortgage,
they will more than likely be very glad to assist you in any way they
can especially if you have been a good paymaster. After all it is easier
for financial institutions to keep old customers to come back for their
business rather than venturing out to find new clients. If you play
your cards right, you probably could get your creditors to lower or
dismiss the closing costs of refinancing your home mortgage. So it may
be important for you to be up-to-date in your mortgage payments in order
to create a good impression on your creditors.

iv) Comparing and
negotiating Sometimes it could also be a good idea for you to compare
interest rates offered by lenders other than your current one. You can
compile all the information you have on the different interest rates and
use that as the basis of your negotiation with your current lender in
order to get your current lender to at least consider to give you a
lower interest rate than what is available in the market.

They
would in all probability prefer to keep the business they are already
doing with you rather than let you go off to other lenders so the
chances of you getting your way might be quite good. Of course you might
have to remind yourself to use a mortgage refinance calculator to
determine how much you could actually afford to spare every month if you
are on a mortgage refinance program before you start comparing interest
rates. By doing so, you will be more focused and may be able to
concentrate on the range of interest rates that you can afford rather
than blindly comparing figures without knowing the head or tail of the
situation.