One of the ways for making a refinance work for you is to refinance for more than the balance that is remaining on your old mortgage. In effect, you are tapping your home equity. In other words, you are trying to cash out.

Are you opting for Home refinance? If you are intent on going for Home refinance, before you make your decision, keep in mind following things:

• Consider rate. This is so because even a small rate cut can result in a gain for you. It can pay off quickly.

• Look for Home refinance companies that are willing to waive routine refinancing charges. These include charges such as application, appraisal and legal fees.

• If you have already decided that you will stay in your home for say minimum three or more years, it makes sense to pay "points".

To elaborate, a point equates 1% of the loan amount and closing costs. This will help you in securing the lowest available rate.
 

How does Home refinance help you? With Home refinance, you can shun forking out cash and still manage to secure a low rate by adding the points and closing costs to your new mortgage. Remember, if you have had your current mortgage for say minimum three years then you have probably reduced your balance accordingly. Also, Home refinance lets you get a dream low rate and a lower monthly installment.