It's often said that you should refinance when mortgage rates are 2% lower than the rate you currently have on your loan.

New home construction is down; the inventory of vacant homes for sale is up. As more and more houses stay on the market longer and longer, prices will invariably begin to drop. The housing bubble has clearly burst.

Though at first glance it might seem impossible, refinancing your home loan after going through bankruptcy is practicable as long as you can meet certain requirements.

When loan-shopping, check with your current lender first. If your payment record is good the lender may waive some fees in order to keep your business

Borrowers who are looking to refinance face the dilemma of deciding where to take their business: do they stick with their existing lender, go elsewhere, or do they do both? Let's examine the advantages and disadvantages of using your current lender.

When evaluating the mortgage refinance process and approval rate of people with bad credit, it becomes clear that one of the most important determining factors is where the borrowers apply for refinancing.

Refinancing your home mortgage for a lower interest loan or one with a shorter term can potentially save you a bundle. And consolidating all of your high-interest debt into this new loan could add savings on top of savings, both monthly and over the life of the loan.

Although rising, interest rates are still at their lowest levels in decades. Many homeowners continue to contemplate the advantages of refinancing their mortgages. However, potential borrowers must remain aware that, if done incorrectly, refinancing could actually end up costing a substantial amount of money when the idea was to save. To help prevent this risk from materializing, here are some common refinancing mistakes that you should clearly avoid:

You may be tied to a house payment for the next few decades, but you don't have to stick with the same mortgage or mortgage payment forever. Your mortgage can change as your needs do. Here are some reasons you might want to consider for refinancing your mortgage.

When considering refinancing your mortgage, it literally pays to be smart. Clearly, the more information that you can gather concerning your options, the better position you'll be in to make good financial decisions. Keep these points in mind when shopping for refinancing; they could very easily save you thousands.