With two mortgages, it is tempting to consolidate the home loans into one refinanced mortgage. But, this isn’t always in your best interest. Depending on a number of factors, you may find that refinancing separately may qualify you for better rates.Refinancing Options For Multiple MortgagesYou have three options when it comes to refinancing multiple mortgages. You can combine both loans into one, or you can refinance each account separately. The other option is to only refinance the higher rate mortgage.The rates available to you will depend on your current credit score, market indexes, and your equity. So in some cases, you may find that keeping your low rate original loan while refinancing the higher rate second mortgage will save you the most money.As odd as it may seem, refinancing your two mortgages separately can qualify them for lower rates than combining the two. This is especially true if you have little equity.Requesting Quotes For Mortgage RefinanceTo find out which option will save you the most money, you have to request quotes. Ask for APR quotes for each of the three options from several lenders. You may find that a mortgage broker site will speed this process up by allowing you to compare multiple bids side by side.Remember too that points should be considered as a factor in your decision. Paying points for a loan you don’t plan to keep for several years may be more expensive than a higher interest loan.Do the Math Before Refinancing MortgageTo find the answer to which option is the best, you will have to do a little math. Fortunately, you can use an online mortgage calculator to quickly come up with the numbers.With each loan quote, figure the difference in your mortgage payment if you refinanced. This number will show you which loan can give you the greatest savings. But, you also need to consider the cost of refinancing. So divide the amount you will save each month by the closing costs, which include points, to determine how soon you will break even.While doing these calculations takes time, they will save you money and ensure you make the right choice.