 TITLE: 6 Steps to Refinancing Your Home Mortgage CONTENT: 5\\. Be Patient About Signing a Mortgage\n---------------------------------------\nA mortgage loan is a significant financial commitment, so it's crucial that you take the time to read the full terms of your new contract. In addition to understanding the fees associated with the loan, also determine whether you'll be charged a prepayment penalty if you pay off the loan too early—which can happen if you refinance again or sell the home.\nAlso, read through all of the contract clauses to make sure you understand the entire scope of the contract with the new lender. If you don't understand a term, don't hesitate to ask for clarity.\nIn some cases, the lender may try to pressure you to sign quickly. If you ever feel uncomfortable about the process, consider working with a different lender. Also, note that mortgage lenders will typically allow you to lock in an interest rate—typically for 30 to 60 days, but sometimes for as long as 120 days—which should give you plenty of time to make sure you're ready to go through with the process.\nAnd if interest rates drop even lower during the rate lock period, you can talk to your lender \"floating down\" your rate to the current rate for a fee or simply start the process over with another lender. END