Are you thinking about refinancing your home loan? Do you have nagging bills that you want to get paid? Do you want to do improvements on your home? If you answered yes to these questions then you need to educate yourself about the options you have when you refinance a home loan. Read on to learn more about your choices.Interest rates have fallen considerably over the past few years. If you have a current home loan with an adjustable interest rate, you may want to consider home refinancing with a fixed rate. This could save you a ton of money in interest over the years because the goal is to get a much lower rate than your current interest rate.Another option you may want to think about is to refinance at a 15 year fixed rate. The only problem with this is that your monthly payments will be higher. But you will save a huge amount of interest by paying off your home in 15 years instead of 30. You will also build equity in your home a lot faster with a 15 year loan.When shopping for mortgage companies, try to find one that will allow you to lock in a particular interest rate and closing points. It takes time to refinance a home loan and you don’t want to risk losing a good interest rate while you are waiting on the mortgage company to complete all the paperwork. Find a mortgage company that will lock in an interest rate for you, but agree to adjust it if interest rates are lower when you close the loan. Always get everything in writing. Never come to any agreement on words alone. It is a good idea to stay in constant contact with your lender to make sure everything is running smoothly. Interest rates don’t stay the same from day to day and you can only lock in an interest rate for a certain number of days. Therefore, it’s important that you take the initiative to make sure that the paperwork is being processed. You certainly don’t want to find out at the last minute that an important document is missing.Be prepared to pay closing costs. There will be various fees charged to you just as there was when you got your original loan. You may be able to place some of these fees into the loan, but it may make your monthly payments a little higher. So make sure that you know well ahead of time how much money you will be required to pay at closing.Be ready when you refinance a home loan. The better prepared you are, the more money you will be able to save.