Especially these days, many homeowners are looking into a mortgage refinance to help their financial problems. This bad housing market and economy has caused a lot of problems for homeowners. This however should not stop anyone from getting approved for a home loan refinancing or fixing their finances.While a mortgage refinance has the potential to help many people with their debts and finances, you must get approved for it first. You will need to have a great or good credit rating, and good mortgage payment history, to get the absolute lowest interest rates when refinancing. The interest rates can change according to the homeowners credit history, and score. If at all possible fix little problems with your credit prior to applying for a mortgage refinance. Even little improvements can effect the interest rate you qualify for. Also, obviously avoid getting into additional debt before applying for a mortgage refinancing.Having equity in your home also helps act as security when applying for a home loan refinancing and may be necessary for some people. To get approved for most traditional refinance programs, a home must have a certain level of equity built up. This new mortgage will benefit you with lower interest rates, or a change in length of repayment. Mortgage payments can be lowered due to a better interest rate, and more payments, or both.Many homeowners can really benefit from a mortgage refinance when they are in a financial problem. The money saved or gotten from a refinance can be used to pay off other debts, bills, or anything a homeowner wishes. It is easy and convenient for a homeowners to do as long as they are qualified to get approved for a mortgage refinancing.When refinancing, there are two different types of interest rates that are typically available. One of them is a fixed rate mortgage. This is when the interest rate never changes, and the monthly payments remain the same throughout the duration of the home loan. A fixed rate mortgage is generally better in the long run than other options, and is desired by many homeowners for the stability it offers. Adjusted rate mortgages (ARM) have an interest rate which can change, and effect the amount you owe for your mortgage payment. These loans are easier to get into and a little cheaper initially. With an ARM loan the interest rates will change as the market conditions change. This means that at anytime an adjusted rate mortgage can dramatically increase in payment amount. This can lead to problems down the road if the payments become so high they are not affordable.Always remember though that there are closing costs and fees which are associated with a mortgage refinance. Always be fully aware of what these costs are, how they effect your finances, and how they effect the long term results of a mortgage refinancing. If you are not aware, you may be surprised and end up paying much more than you thought.