Know Your Credit Rating and How You Can Save Money
If you know what your credit rating is going into a loan refinance, you may be able to save on certain fees throughout the loan process. If you have a pretty good credit rating, you may be eligible to have certain fees waived, which can save you a good amount of cash at closing.

Fix Problems On Your Credit Report
You'll want to repair any issues you have on your credit report, before you have your credit inspected by a lender. If you have mistakes on your credit, those issues can cost you points on your interest rates and fees by your lender and others associated with your mortgage. Look at your credit report at least three to six months in advance of your anticipated refinance, so the credit reporting agencies have time to fix the errors.

Negotiate For The Best Deal
Don't be afraid to ask for a better deal than you're getting. It certainly doesn't hurt to ask, and your lender is used to hearing questions from people wanting better deals. If you don't ask, you won't get the better deal. So why not give it a shot?

Get Multiple Estimates
Seek out estimates from at least three different loan refinancing companies. Don't just go with the lender that holds your mortgage or the bank where you have your checking account. Actively seek out the best-possible deal for you.

Know How Much of A Loan You Need
When you sit down to seek out a refinance loan or second mortgage, figure out how much of a loan you truly need. If the loan is to pay off other debts, only get a loan for the amount of the debt. After all, the purpose of the loan is to get a better interest rate than the one you're getting on your credit cards. Your mortgage refinance isn't free money; understand that whatever money you borrow, you'll have to pay back.

Understand How Refinancing Works
Refinancing is a second loan against the equity on your property. Know all the details of your loan before you sign on the dotted line. The more educated you are about how the process works, the better suited you will be to making sure you follow all the rules and understand what you're getting yourself into.

Be Wary of No-Closing-Cost Lenders
Lenders who offer you "free" or "no closing costs" for a refinance loan may mean that there is no closing cost. But that doesn't mean that the lender is offering you the best-possible deal available to you. Typically a lender who offers a deal with no closing costs makes up for that offer by charging you a higher interest rate.

Avoid A Prepayment Penalty
Find out whether there will be any prepayment penalties on your loan. If you have a good enough credit rating, you may be eligible for having the prepayment penalty waived. This is a fee that lenders tack on to many second mortgages or refinances that you may be able to talk your way out of.

Pay Your Loan Early
The sooner you pay off your loan, the less you truly have to pay for the loan. Keep in mind that the longer you have your loan, the more you'll pay in interest. If you make regular payments against the balance of your loan in addition to your monthly payments, you'll find yourself with your loan paid off earlier than you might have expected.

Avoid Prepayment Penalty Clauses
If your lender wants you to pay a prepayment penalty and you think you have good enough credit that you shouldn't have to make such a payment, don't go with that lender. Simply tell the lender "no," and head to the next mortgage office. If you have decent credit, you should be able to find a lender that doesn't require a prepayment penalty clause on your mortgage.