At this difficult economic time, homeowners look to lower their household builds whichever way they can. The largest bill in most houses is mortgage and loan payments. It seems that this time of financial crises result in at least one benefit. That is of course record low interest rates. This is a chance for many debt loaded homeowners to sort their problems with a low interest refinance home mortgage loan. Many have already fixed their rates for as long as the life of the loan.Homeowners with enough equity in their home can consolidate all their credit card bills, car loans, personal loans and their existing mortgage into one low interest refinance mortgage. They may reduce their monthly payments considerably this way and/or reduce the term of the loan. This will of course increase the term of the credit card debts to the term of the mortgage. The benefits of refinance may be further increased, if the borrower uses some those savings to make a lump sum payment in the future.Homeowners with excellent credit score may have the luxury of selecting mortgage lender of their choice. Borrowers with bad credit might not qualify for mortgage refinance. Much depends on their debt-to-income ratio, property value, employment history, and financial ability to repay the home loan.They should take into account all the fees and costs (including broker fees, if they are using one). Usually, refinance is justifiable if the savings cover the total fees within latest couple of years. However, many applicants take a much longer view and include in their equation other benefits of refinance. For example fixing their mortgage against any interest increases may have enormous benefits depending on interest changes. Unfortunately, this may not be calculable at the time of mortgage switch. Refinance may not be a good idea for people who are only looking for a short term mortgage.So, they should not waste any time and get their 3 bureau credit scores. Few companies provide all 3 bureau scores free of charge. The best way of finding out for which mortgages they may qualify, they should go online and fill out a quote offer from as accurately as possible. Some online broker quote systems come back within a very short time with 4 rate offers from different banks. This will allow them to find out quickly and easily what rates they may be able to qualify and which banks offer those rates.