Before you begin the mortgage refinancing, it is best to understand as much as you can about the process. The whole point of this article is to help supply you with information that will help you make the best mortgage refinance decision. Following these steps is a great way to get off on the right foot when looking into a home refinance.Step 1: Should I Refinance my Mortgage?Mortgage refinancing can provide many benefits to homeowners. Debt can be consolidated, interest rates can be lowered, cash can be gotten from your homes equity, and more options make refinance a great options for many people. Which option is best will depend on you and your financial situation.Step 2: Watch out for Predatory Mortgage LendersEspecially these days, many lenders or banks claim to offer no closing fees, or 0% interest. This is all a scheme to get you in the door. Generally, these type of claims will cost you a lot of money in other areas of the refinance such as closing costs, upfront points, and loan origination fees. Also, most of the time these “low” rates balloon and end up dramatically increasing after an certain period. Always be cautious if it sounds to good to be true.Step 3: Know which type of home loan is best for you.Adjustable rate mortgage or a fixed rate mortgage? The decision is your most of the time. However, these loans are very different. Typically an ARM loan is cheaper to begin with, requires a smaller down payment, and is easier to qualify for. However the interest rates can change, which may mean high mortgage payments. Fixed rate mortgages offer interest rates that stay the same, but they are a little higher than the average ARM rate. Another benefit of a fixed rate though is the stability of having a mortgage payment that does not change.Step 4: Pick the Best Mortgage Lender or BankIn order to truly get the best refinancing deal you can, you need a good, honest, mortgage lender or bank to work with. Also, compare different lenders and banks to each other and see which offers the best value, and most benefits. Do not take customer service for granted though. If the lender you really like is only slightly more expensive than a lender your just OK with, spend the little extra. You will be dealing with these people for a long time, and with a lot of money.