Instructions

• 1). Review all the terms of your present mortgage. Find out the amount borrowed, monthly installments paid, outstanding balance, term remaining, annual percentage rate --- or APR --- and rate of the contract. This offers an understanding of the mortgage contract details.
  
  
• 2). Approach different mortgage lenders in your locality. Review and contrast the terms of each contract. The details to be considered include the amount of the loan, rate of interest and tenure of the loan. Different borrowers have different needs. One borrower may need monies for consolidation, while another may want to make improvements to his house.
  
  
• 3). Review each offer in regard to your present credit score. On the basis of your present credit standing, the mortgage lender fixes the interest rate. The higher your credit score, the lower the rate of interest.
  
  
• 4). Compute your monthly refinance payments. Secure the help of online experts. Key in all the details, such as the amount of the mortgage, term and interest rate. You'll then know the total amount due and the equated monthly installments.