You have seen your dream house and you need the money to make the down payment. So, you blindly rush into the first loan agreement that is offered to you and you find yourself caught in a vortex. The terms are harsher or the rates much steeper than that of your friends and you desperately want to get out of this situation. The best way to do this is to refinance your home loan.Why should you do this?If you find yourself on the verge of defaulting on your home loan or if you have already defaulted on your loan, then it is time to shift gears. Find yourself a loan with a flexible schedule or at a lower rate of interest. Refinancing can help you rebuild your credit.Should you go in for it?When you are go planning to refinance your home loan, you should check up on the interest rate of the same in the beginning. This is the most important determinant in choosing a particular option. However, don’t compare among lenders based on this alone.While a particular loan might have low interest rate, it may have other heavy fees, charges and be for a longer duration. So, it is better to make comparisons in absolute money terms. Since lenders are very competitive, you can always bargain for better rates.Shop around, get quotes and then decide on the lender best suited to you. Refinancing your home loan will be a breeze, especially if you are in badcredit, if you remember to do your homework before you avail it.