To get the best rate refi, one must have a full documentation of income, full documentation of assets, impeccable credit, and a low loan to value. For everybody else, it is most important to get the best terms for your needs, which is the true best rate refi. The next few paragraphs will explore how your particular loan, while best serving your needs, may have an adjustment to the rate.

To get the best rate on a refinance contact a mortgage broker. The mortgage broker has access to numerous lenders and can find a low rate on the refi for your situation.

Debt Consolidation Refinance: A debt consolidation refinance is going to be extremely similar to a cash-out refinance with most lenders. Conforming lenders, also known as "A" paper lenders, consider a cash out refinance and a debt consolidation as one in the same. Both a cash out refi and a debt consolidation refi will have a slight rate increase when you borrow over 70% of your homes value. Therefore, to get a best rate refi on a debt consolidation refi, you will need to try to stay under 70% of the value of your home.

Cash-Out refinance: To get the best rate refi on a cash-out refinance, your rate will adjust upward once you begin to borrow above 70% of your home's value. Non-cash out refinances may have a lower rate, but even the best rate refi for a cash-out refinance will have a slight upward adjustment.

A best rate refi for an investment property typically carries a premium of 3/8% to 3/4% in rate to typical best rate refi's on owner occupied properties. This is due to the risk associated with non-owner occupied properties.

The best rate refi may not always be the best loan you can refinance into. Fixed periods, amortization, payment options, and monthly payment amounts often have a more substantial impact than rate on most borrowers' fortunes than simply the best rate.

To get the best interest rate when you refinance you should get quotes from 3 mortgage companies and compare interest rates and closing costs. While one mortgage company may be offering a lower interest rate on your mortgage refi the closing cost fees may offset the savings.

The best rate refi for no-income verification loans can run at a premium of as little as 1/8% to as much as 1.5% higher than the best rate refi for a full doc loan. As a general rule, the higher the credit score and the lower the loan to value, the lower the rate premium.