There has never been a better time to refinance your mortgage. Interest rates are at all time low levels and you could potentially save tens of thousands of dollars over the life of your loan when you refinance at a lower interest rate. Keep in mind that it is not necessary for you to refinance your mortgage through the same lender who currently services your loan.

Lenders are offering refinance loans up to 125% of the value of your home. You could lower your monthly payments and have cash left over for bills, college, your dream vacation, or any purpose you wish. Compare the interest on your current mortgage with some of the special rates being offered by lenders across the country.

Each lender you contact should supply you with closing information, including costs, the interest rate in which you may qualify for, any tax implications that may be involved, and the amount of loan you qualify for. You will want to make an informed decision in choosing a lender to refinance your mortgage, so make sure you gather all the information possible.

A lender must supply you with a written statement of the costs involved in refinancing your mortgage. Make sure you understand the terms of any loan before you sign. Refinancing your mortgage could be the best decision you ever make if you choose carefully and understand the process completely.

Mortgage refinance loans are excellent ways to eliminate debts, lower your monthly payments, and get extra cash for home repairs and other projects. When you compare lenders and the loan products they offer, you can choose the loan that is right for you and your situation.

The low interest rates that are available can only serve to save you thousands of dollars over the life of your mortgage and help you build a solid financial foundation for your family.

Ken Austin is the webmaster at The Credit Resource Guide and Financial Matters