There are several different reasons you may be interested in refinancing your mortgage. You may be able to lower your monthly payments or adjust other terms, such as the length of the loan or type of loan. You can also refinance so you can use the new loan to help you consolidate debt or use money from your home's equity for big home projects or bills. You might also be interested in removing a co-signer.

One of the more significant decisions you'll need to make is whether you are refinancing to free up more money. A cash-out refinance lets you take advantage of the equity in your home to borrow more money.

A no cash-out refinance lets you get more favorable terms for the balance remaining on your original mortgage.

Having a good reason to refinance doesn't mean you should automatically do it. There are factors and charges to consider.

According to FreddieMac.com, some of those costs include lender origination fees, government costs, title services, survey fees, appraisal fees, credit report fees, tax service fees, attorney fees and underwriting fees. Make sure you compare the money you'll be spending and the money you'll be saving so you can decide if refinancing is right for you.

Your first instinct may be to refinance with your original lender, which is often a good choice. But you don't have to return to the original lender, and you may find a better deal with a different mortgage refinance company.

Your lender will work closely with you through the refinancing process, so you want to choose the right one. When you are looking for help, make sure you interview several companies. Get multiple quotes and compare your options. Research websites like FreddieMac.com, and have your questions ready when you speak to potential mortgage refinance lenders.

Learning how each prospective lender calculates their total costs and interest charges is also important. When comparing the rates from different institutions, make sure you compare them on the same day, as rates can change frequently.

You can also start gathering the information you must submit with your application. FreddieMac provides this list: one month of paystubs, two years of W-2s, bank and investment statements, recent tax returns, proof of income, your homeowner's insurance policy and your current mortgage information.

For more information, visit BBB's home HQ. Also, check out BBB Tip: Should you refinance your home for a lower mortgage interest rate?

More financial services near you:

• Accountant
• Banks
• Collection agencies
• Consumer finance companies
• CPA
• Debt consolidation
• Estate planning
• Financial advisors
• Financial services
• Insurance companies
• Investment advisory
• Loans
• Tax return preparation