This is the phase where you know the exact amount that you can afford. At this point, you should consider your financial scenario as a whole and determine exactly what your financial goals are long term and short term.

Even with the loan secured by your home, that you file bankruptcy will not go unnoticed by the lender.

FHA streamline contains terms and easier conditions with respect to the complexity and formalities related to other loan refinancing.

You can spend a huge amount of time to visit different mortgage brokers who, as you know because involves passing fight and takes hours and hours to complete, or you can do it the easy way.

You can put money in the bank until the time comes, you'll send the kids to college.

As you can see, refinancing your home loan is a great option when you are done taking into account all the above.