In fact there are a number of factors that affect your ability to do the refinancing deal. The most important one is the value of the home compared to neighboring properties and your documented ability to repay the deal. Nowadays the lenders are more conservative on how much risk they are willing to take including your current financial situation.
You can start by calling the bank where you have your mortgage with and ask their opinion about the refinancing deal.
Once you understand your situation, you can start to deal with the lenders. Talk to your current mortgage lender first because you need to deal based on the guidance of your current lender. There might be something that you have overlooked and the best refinancing deal could be right in front of your eyes. After you talk to your own lender, meet other lenders as much as you can. Every lender will have different suggestions and advices for your mortgage refinancing.
The best way to evaluate the different lenders is to compare the refinancing deals they offer and this is something that you must do.
You may also want to consolidate your debts at the same time and honestly it is not an easy thing to be done. However the bigger the difference mortgage refinancing that you make, the more time and effort you will have to put into it to get the best refinancing deal.
In order to determine whether you are getting the best refinancing deal, do a cost benefit analysis and compare how much you are currently paying with what you might have to pay in the future. In fact it is worth your time and effort to know and understand the different lenders that you are dealing with to secure the best refinancing deal that you can get.
And if you do the approach carefully, you will find that there is a way where you can refinance your mortgage which can benefit your finances in a great amount!