Refinancing your mortgage loan can be a very good way for you to save money if you can secure a lower interest rate. Decreased monthly payments or shorter loan terms can really provide you with an opportunity to save money and build your financial future. However, to take full advantage of a refinance, it is absolutely necessary to find the lowest interest rate possible, and the best loan terms that you can. Following, is an overview of the top five places to search when you are looking to refinance your mortgage.

1. Credit Unions: In order to secure a refinance, with a credit union, you must first become a member. Refinance rates offered by credit unions are generally competitive with the terms you would receive from a mortgage broker, and online lenders. So this is a very good option if you can find a local credit union that you are eligible to join.

2. Finance Companies: Finance companies are great if you are a homeowner either with no credit or bad credit. It is important to note that you will be assessed more fees and a higher interest rate when you choose to refinance your mortgage through a finance company. These rates will be generally higher than if you went through a bank, a credit union, a mortgage broker or through an Internet mortgage company.

3. Mortgage Brokers: Mortgage brokers are middlemen who work with numerous lenders. Because of this, they are often able to obtain the best mortgage rates. Brokers are good to use when you have poor credit because they have access to all kinds of lenders. Be sure to remember, that mortgage brokers receive a fee for their services, so that may or may not determine what type of loans you are quoted. So remember to shop around.

4. Online Mortgage Companies: Online mortgage companies are great way to get free comparison quotes with the least amount of work. Often times, you can simply submit your information and competing lenders will either give you a call or provide their best quotes. These companies typically can provide you with the lowest rates due to the low overhead costs of doing business online.

5. Banks: Using a bank to refinance your loan probably works best when you have good credit. If you have credit problems, a bank may allow you to refinance your loan through them, but might sell your loan to another company. So banks are probably not the best option if you are attempting to refinance with credit problems.

There you have it. Five great places to look when you are ready to refinance your mortgage. Be sure to take your time and find the refinancing option that works best with your budget, your goals and your level of comfort.