Lending companies need your business. If you are taking out a refinance home loan, check out what your current mortgage company can offer. Do not get a new loan from them unless they can offer you lower interest rates. On top of this notice, observe cautionary tips to get yourself a better deal on your new loan.Getting A Refinance Home LoanIt is not always profitable to get a new loan with the same company if they cannot offer lower interest rates and they charge you more fees for the second loan.Before getting a contract with a new lending company, know the following:1. Is the service transferable?2. Will you be going through the set up process anew?3. Will you be paying another fee?4. When will the current company forward the additional payments toward your refinance home loan?5. Can you expect savings after the fees and costs involved in the new loan?Traps to Avoid With a Refinance Home Loan1. Do not get a new loan from your current company if they cannot offer lower interest rates like the other company. They may offer you a mortgage equivalent to your old loan in addition to your new loan contract.2. Never drop a low interest rate loan for a higher interest loan. Look at the Annual Percentage Rate of the new loan. This should be lower than the rates stipulated in the previous loan. Consider also the insurance costs, closing cost, and other fees charged upfront. A lower monthly payment should not be enough enticement to get a refinance.3. Avoid the offers of very low interest rates as these will balloon later to rates you cannot afford. Steer clear of variable rates that may sound attractive for the low interest rates charged during the early part of the loan.4. Don’t fall for tax advantages offered for debt consolidation purposes. Review your personal tax position and analyze how this will be affected. Unless you diligently itemize your deductions, the tax write-off for your mortgage interest is useless.5. Avoid spurious lending companies. You will know them by the suspiciously low rates they offer.6. Don’t forget that you have three days to cancel your loan. This offers you the chance to get out of a loan that is disadvantageous to you. It is your house that is on the block, so be vigilant. Inform the lender that you have changed your mind before the deadline.Payments to Prioritize If You Have A Refinance Home LoanBe smart. Even if you have a refinance home loan to pay monthly, prioritize important payments to get yourself out of trouble.Always be up to date with your Council Tax payments or you might end up in prison for this neglect. For your home and office, pay gas and electricity bills on time – suppliers can disconnect your lines anytime. If you are paying business rent and rates and insurance, give these your attention. When the tax month comes, pay your taxes diligently. Put your savings from your lower refinance home loan monthly payments towards your taxes without having to dig deeper into your funds.Armed with these dos and don’ts you can check out the offers of the different lending companies.