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It’s also important to calculate your breakeven point.

Refinancing, regardless of which product you use, costs money.

Compare loan rates and fees from a variety of lenders, and apply for the cash-out option loan that includes the amounts necessary to pay off the initial mortgages.

This is a common situation for borrowers with adjustable rate mortgages – the monthly obligations could rise even higher if the prime rate increases.

Some lenders like Sun Trust will waive closing costs on refinancing if you’ve been a customer with them for three or more years.

Even if your lender offers a great deal, don’t stop your research there. The paperwork associated with loan consolidation is more technical than a straightforward mortgage, so getting as many opinions as possible will be beneficial to you in the end.

The process should begin with an examination of your current loan terms so you can properly assess what refinancing will mean for you.

Next, contact your current lender to see if they are able to offer you a deal for being an existing customer.

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