Sorry — this deal is no longer available. Never miss another deal! Sign up for daily updates:

Will be used in accordance to our Privacy Policy

We're reader-supported and only partner with brands we trust. When you buy through links on our site we may receive a small commission at no extra cost to you. Learn More. Product prices and availability are accurate as of the date and time indicated and are subject to change.

According to the National Bureau of Economic Research, mortgage rates recently dropped to an all time low. The rates fluctuate, but it’s still an excellent time to look at refinancing your mortgage and possibly saving some big bucks!

How do you go about doing that, you ask? Well, let me tell you the steps and tips that worked for me.


1. Go to to get an idea of what rates are. Keep in mind, rates change daily!

2. Call your current mortgage company. Tell them you’ve heard about the dramatic drop in mortgage rates and ask what kind of rate they can give you. A lot of times your current mortgage company won’t make you jump through the same hoops as a new customer, which could lead to lower closing costs. Make sure you ask them about it! Also, let them know that you’re going to shop around but that you’d be willing to stick with them if they can give you a good rate.

3. If you belong to a credit union, call them! Most times, credit unions have the best rates, and they will sometimes give you a rate discount if you have direct deposit with them!

4. Get at least 3 or 4 quotes.

5. When you get the top two quotes, call the company with the second best rate. Lay it on the line and tell them who gave you the best rate and what it is. Then ask if they can beat it. Most people don’t realize it, but rates are negotiable! If they give you a better rate, call the other company and do the same thing!

6. After getting the best quote, ask for a “Good Faith Estimate” from that company. A “Good Faith Estimate” details out your monthly mortgage payment and your closing costs. Using that, you’ll be able to look at your current monthly payment and see if refinancing is the right choice.


1. Always try to talk to someone higher up in the company. They have more experience and are more likely to work a deal with you. And, always try to talk with the same person. They have a vested interest in you because they get commissions on what they sell!

2. Make sure that you’re comparing apples to apples. For example, 30 year fixed with 1 point to 30 year fixed with 1 point.

3. If you have a recent appraisal, ask if it can be used. If so, it will save you money on your closing costs!

4. Check their math! I found numerous errors in our settlement documents that saved us several hundred dollars!

5. Banks typically have the highest rates, so I wouldn’t include more than one in my rate quotes.

I know that refinancing a mortgage can be a scary proposition, but with these simple steps, you’ll be able to make the best possible decision for your family! Good luck!!

This has been a guest post by Tammy from Springfield, VA
Find out more about the KCL Contributor Network!