There are very easy steps on how to refinance your loan. Currently 30 year fixed mortgage rates reached all time low records of 5.08% and many homeowners want to take advantage of these rates.

First step is to get a multiple mortgage quotes to find the right lender. There are many lenders that can help but only few can offer a good rates. Compare this to shopping as many of us like to compare prices to find the best deal possible.

Multiple mortgage quotes just do that, except you just wait for a phone call or email from a lender to see what they offer you. Most lenders will provide you with your new interest rate you will get, points they will charge, fees and monthly payment. These are the basic information you will get.

Points or mortgage points are part of the fees that a lender charges. This is simple how much a particular lender will make out of your loan. Simply, his paycheck. You can request to lower his/her points so you can benefit even further.

For the first time when you request a quote lender usually provides you a fee statement, how much he/she charges for this loan. Once you agree to refinance, lender will show you a breakdown of fees so you can see for exactly you are paying for. Most fees are still negotiable at this point and lenders cannot overcharge you.

There are many laws and rules that every lender has to follow as well as many lenders know that you are working with other lenders. In most cases you can ask certain lenders to beat different lender rates and fees. In most cases lender will lower their rates to win your business.

To start, fill out free mortgage forms and compare your new interest rate, points, fees and your new monthly payment. Always request interest rates for 30 year fixed mortgage as rates are at their lowest.

Lenders will provide you with GFL or Good Faith Estimate that will show you breakdowns of fees that lender charges including any attorney or escrow fees.