The lower your interest rate on your home refinance mortgage, the much more cash you will save. But not all refinance loans are created equal. To get the lowest interest rates, follow these 3 guidelines when submitting an application for you refinancing. 1. Refinance Your Whole Mortgage Mortgage refinancing your whole mortgage will assist you to to meet the criteria for the lowest rates. Having split mortgages or a property equity line of credit elevates your risk level and rates. On the other hand, when you have a definitely very good rate on one mortgage, then you may not desire to combine those mortgages. Take the time to request quotes for both loan situations. Within minutes, you’ll be able to get an answer from lenders and know which is your very best alternative. 2. Don’t Cash Out Your Equity Cashing out part or all of your home’s equity will also raise your refinance interest rates. So keep that equity in place even though you apply for refinancing. It acts a lot like a down payment did for your original home loan. The bigger your equity, the better your rates. If you desire to tap into your equity, take into account applying for a separate loan immediately after you refinance, like a house equity line of credit. That way you won’t be paying a better rate on your entire principal. 3. Lower Your Rate With Points As with your first mortgage, you are able to lower your rates by getting points. This can be a bit risky in that you have to keep your loan for seven years generally to recoup the cost. To ensure this is your greatest selection, compare lending offers. Calculate the price of points and your potential savings. In addition to these ideas, comparison shopping will also enable you to get a lower interest rate. Each lender looks at refinancing applications differently, so with careful looking, you are able to get a better deal. Start by requesting a loan quote, then compare numbers, both interest and closing expenses. Just keep in mind that the lowest interest rate won’t generally be the cheapest loan. Factor in the cost of fees to make sure you are going to come out on leading, particularly in case you plan to sell or refinance in a couple of years.