 TITLE: How Much Does It Cost to Refinance a Mortgage? CONTENT: If you've decided you'd like to move forward with the process, here are some steps you can take to refinance your home mortgage:\n*   **Check your credit** to determine if you're in a better place than you were when you accepted the first mortgage.\n*   **Understand your goal for refinancing**, whether it's to get a lower interest rate or monthly payment, switch to a different type of interest rate or get some cash from your equity.\n*   **Shop around** and compare interest rates and closing costs.\n*   **Choose a lender** and lock in an interest rate, then provide all of the documentation and information the lender requires to close on time.\nIn most cases, you can refinance your mortgage loan soon after you closed your first one. However, there are some instances with a waiting period, so check with your lender before you apply to avoid unnecessary credit checks.\nDuring this process, it's crucial that you avoid applying for any other type of credit. If you open a new loan or credit card account just before you apply for a mortgage refinance, it could impact your ability to refinance.\nThat said, refinancing a mortgage loan typically won't impact your credit score too much, especially if you're not doing a cash-out refinance because you're not changing how much you owe. The hard inquiry generated when the new lender pulls your credit and the closure of the old account could affect your credit scores slightly, but the decrease is typically only temporary, all other things being equal. END