Interest rates and market conditions are making 2006 a tough year for lenders and mortgage brokers. These conditions are making it difficult for people to refinance their mortgage loans, with a few exceptions. If you are an adjustable rate mortgage holder now is definitely your time to refinance; mortgage lenders and brokers are falling all over themselves to get your business.
If you are refinancing your mortgage you need to shop from a variety of lenders and brokers. Read the fine print on every offer you receive. Demand more from your lenders, you may not get a better interest rate; however, you can bargain over points and terms. You are looking for flexibility in your repayment terms; this will help you if you are ever unable to keep up on your monthly mortgage payments.
Other demands you can make include the waiver of private mortgage insurance, waiver of one payment or more, and waiving lender fees. The most flexible loan contracts allow for years of delinquency arrangements before the lender will foreclose.