Generally it is a good idea to refinance when interest rates are lower than the current rate of your loan. Talk to you loan officer to see if refinancing is a good idea for your home.

Generally, you will need to provide your tax returns, W-2s, pay stubs, bank statements, photo ID, renting history, and give your lender permission to pull your credit report.

The most common types of loans are conventional loans, FHA loans, and VA loans for veterans. With an FHA loan, you may be able to qualify for a loan with as little as 3.5% down payment and a credit score lower than that required by conventional loans. If you have good credit and can afford a larger down payment, the conventional one is probably the best option for you. Finally, if you're a Veteran, the VA loan offers a lower interest rate and requires no down payment.

Points are percentages of the loan amount which can raise or lower the interest rate on a mortgage loan. Often, loan officers will provide buyers with options of either purchasing points to lower the interest rate or offer the buyer a credit which can provide money up front to the buyer but raise the interest rate on the loan.

Since interest rates can change daily, when you feel comfortable with an interest rate, you can ask your loan officer to lock in your interest rate for 30-60 days. Speak to your loan officer to find out what the terms for locking in an interest rate are and if it's the right choice for you.