A mortgage refinance works when you trade in your current mortgage in exchange for a new mortgage, presumably with a lower interest rate attached to it.  In order to make a change like this, it is important to have a steady income and a good credit score.  If a mortgage refinance is something you are interested in, here are some tips to secure a better overall rate:

1. Know your credit score
How successfully you will be able to refinance your mortgage will depend on your credit score and history.  You can use any lender to perform a credit check for you before you borrow. To start with, check your credit score and see if there are small changes that will allow you to improve on your score. Consolidating debt, paying off small accounts, and contesting fake items can all help you seem like a good risk and this can yield a lower interest rate on your mortgage

2. Get quotes from multiple lenders
Different lenders will offer different rates on your mortgage, so be sure to shop around and find a rate that is best for you. Try larger banks, small credit unions, and other financial lenders who will potentially offer you great rates.  Compare at least 5 lenders and select the one with the best offering for your refinancing

3. Know your home’s equity
A lender does not like to lend more than your home’s equity, so understanding the value of your home can let you estimate how much a lender might be willing to let you borrow. There are a number of ways to get a true sense of the value of your home, such as viewing comparable recent sales, having a home appraisal done, and talking to a professional realtor

4. Prepare for a home appraisal
Before you get refinanced, a home appraiser will come by and see the value of your home, which can be used to help secure a mortgage refinance loan. Prep your home for appraisal success by making cosmetic and safety changes to your home, cleaning your home, and providing the appraiser with examples of other similar home sales with the value that you are seeking as a valuation of your home

5. Know your debt-to-income ratio
How risky you are as a borrower will be determined by your debt to income level. Spend some time learning about it and find a lender who will extend you a loan based on your current needs and income level. An assessment of how your debt compares to your income will help you understand how much of a risk you pose to a lender

Getting a mortgage refinanced is not challenging, and will often put you at an advantage if you are able to demonstrate your credit worthiness by paying down the initial mortgage loan.
However, optimizing a situation when you refinance your mortgage, using the tips above, can make the process easier and more effectively.