- 1). Search for refinancing rate quotes at an online listing service such as BankRate or MortgageLoan. These services will provide you with refinance rate quotes appropriate to your financial situation, the value of your home, your level of home equity and your income. These offers are not finalized, but serve as a guideline for how much you should expect to pay for a refinancing loan. You will benefit more from a refinancing if interest rates are currently lower than they were when you originally took out the mortgage.
- 2). Contact the lenders that offer the best rates and apply for a refinancing loan. You will need to provide your Social Security number and more identifying information to companies when you apply for a refinancing loan. Apply for loans from multiple companies to ensure that you get the best rate possible.
- 3). Review the results of your applications and select the refinancing deal with the best rates and the lowest fees. Pay particularly close attention to the closing costs associated with your current mortgage and the other fees attached to the refinancing deal. Substantial closing costs can reduce the utility that you derive from refinancing your mortgage.
- 4). Contact the mortgage company that offered you the best deal on refinancing loans. Ask if there are any special programs or rates for elderly individuals. If you are an elderly person living on a fixed income, it may greatly benefit you to request a fixed-rate refinancing loan to prevent the interest rate from being adjusted to an untenable level.
- 5). Negotiate with the lender to complete the refinancing deal. Keep copies of all correspondence with the lender for your records. You will likely need to provide extensive documentation of your income, tax returns and other information about your personal finances to secure approval.
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