The purpose of refinancing is to get low interest rates
Before home refinancing it’s best to consult friends, the internet or contacts who know loan officers or realtors in the business who can get you low rates and low monthly payments. The purpose of refinancing is to get interest rates lower than what you are paying now. It don’t make sense if you refinance just to pay higher interest rates. People who have bankruptcy or who have less than perfect credits sometimes have to pay higher rates since some banks offer low rates only to people who have good or excellent credit scores. It’s best to shop around and check to get better rates.