If you are thinking about refinancing your mortgage, you might want to consider other types of loan programs. For example, you might want to look into a 15-year fixed rate mortgage. In this program, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and build equity more quickly.
You also might want to consider refinancing if you have an adjustable rate mortgage with high or no limits on interest rate increases. You might want to switch to a fixed rate mortgage or to an adjustable rate mortgage that limits changes in the rate at each adjustment date as well as over the life of the loan.
If you decide to apply for refinancing and if you do not want to let the interest rate "Float" until closing, we can "Lock" in a rate after we have recieved your application and guarantee the interest rate and closing costs. This binding commitment or "lock in" ensures you we will not raise these costs even if rates increase before you settle on the new loan.