Be prepared with a copy of the title to the property in question and your income tax payments.

Refinancing is beneficial even if the rate cut is only 1 percentage point, ie, even if you have taken a home loan at a fixed rate to 9 percent, you can benefit from refinancing rate 8 percent.

However, some people who do not fall into this category can still be approved for an FHA loan.

Remember though, each application you submit is marked against your credit file that could affect your credit rating.

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Lenders charge prepayment penalties, if you sell your home or refinance the mortgage before a specified time.

This is the only way that the consumer will be able to understand the many factors involved in the process of refinancing and determine one.