Before you start to refinance home mortgage loans you have to decide, what is your target? What benefits you are looking for? Note, that when you will refinance home mortgage loans, the refinancing will not pay your debts. It will lower the interest rate, consolidate the loans or change the terms.1. Do You Want A Lower Interest Rate Or Lower Monthly Payments?Most borrows, who want to refinance home mortgage loans are looking for a lower interest rate. But some like the lower monthly payments and want to extend the loan time up to 30 years. By the loan consolidation borrowers want to make the management easier and to get the lower interest rate at the same time.2. So What Is The Ideal Timing?Is the home mortgages refinance more profitable during certain times? Yes it is, because the lenders market the different terms during different times. But it also depends on your current terms. If you had a fixed rate mortgage and the market interest rate is lower, than what you pay, it may be worth to refinance.Actually, it is not wise to refinance, if you are going to live in your house for a short time and pay away the mortgage loan. The stats tell, that the average closing costs for a $ 200.000 loan are over $ 3.000. This sum does not include taxes, insurance or prepaid items such as earlier rated interest or homeowner association dues.Usually people, who are going to refinance mortgage loans calculate, how many months it will take to reach the break even. For instance, if your savings will be about $ 100 a month, it will take about 20 months to reach the break even with the average closing costs.3. What Is Your Status?When you ponder, whether to refinance or not, it is useful to check your financial status right now. The loan interest rate, your credit score or has the loan a prepayment penalty? Actually, you should list all the financial things, which have an influence on the calculation to be able to compare the current and new terms.4. How To Get Several Quotes Quickly?The answer is, use the online comparison sites. They have in their databases hundreds of mortgage loan lenders, who are eager to give quotes. But remember to ask also from your current lender, because he may have an interest to keep you.