Things to keep in mind when Mortgage Refinancing your home There are a few things to keep in mind when you decide to go for a mortgage refinancing loan. In mortgage refinancing, the first thing you need to do is ask yourself this question: "Does my property have enough equity for mortgage refinancing? Fixed rate home mortgages are considered stable. With fixed rate home mortgages, your interest rates are guaranteed and your monthly payments are predetermined. A 30-year fixed rate home mortgage has its own advantages and disadvantages. Usually fixed rate home mortgages with 30-year loan terms give the consumers the opportunity to borrow money on a long-term basis. These types of people can afford monthly rents, the costs of which are roughly about the same as the cost of a home. Because their rent costs are a cycle, at the end of their monthly bills, these people do not have enough funds saved to be able to afford a down payment. These people may be able to borrow money on loan programs where little or no down payment is required. This does not bode well for your debt or your home equity for that matter. Here's how it works. Other mortgages require a person to make a down payment when buying a home. As years go on, they use their income to pay back the money they borrowed in making the purchase. This decreases their debt and increases the value of their home. Lower interest rates mean lower monthly adjustable-rate mortgage payments. Higher interest rates mean higher monthly adjustable-rate mortgage payments for you. There is no middle ground. Adjustable-rate mortgage payments are basically a trade-off - you exchange more risk for lower rate with an adjustable-rate mortgage payment. To see if you're suitable a certain mortgage product, they will look into your personal credit account and start the approval process for your transaction. Mortgage brokers on the other hand are professionals who are peddlers of mortgage products. They are the ones responsible for bringing together mortgage lenders and their borrowers.