Refinancing allows you to take your existing home loan and lower payments and/or take cash out.

You should refinance if the interest rate on your mortgage is at least two percentage points higher than the market rate. In addition, you should consider refinancing if:

• You have an adjustable-rate mortgage (ARM) and want a fixed-rate loan.

• You want to convert your ARM to another ARM with a lower interest rate or more protective features.

• You want to build up equity more quickly by converting to a loan with a shorter term.

• You want to draw on the equity to get cash for a major purchase (remodeling, auto, college)

Learn more about our favorite home refinancing websites below:

Piggy says: E-Loan is one of the Internet's most respected lenders and provides home loans for many types of situations. No lender fees.

• Less than 20 days to get your cash
• Get a credit decision in minutes
• NO lender fees
• Personalized service and 24-hour loan tracking
• Click here to learn more

Piggy says: Quicken Loans is great for finding the lowest rate loan for your home, and will customize the loan to your particular financial situation.

• Cut your mortgage payment up to 45%
• Improve your monthly cash flow
• Fast - close in weeks
• Click here to learn more

Piggy says: LoanHounds has processed over 2.1 million mortgage requests, and screens their lenders for the lowest rates. They offer up to four competitive quotes in 24 hours.

• Free quotes from up to 4 mortgage lenders in 24 hours
• Easy application form only takes 30 seconds to fill out
• Lenders have a track record of closing loans on time with no hidden fees
• Click here to learn more

Piggy says: LowerMyBills is a trusted online lender that is recommended by Dr. Phil, The Wall Street Journal, and CNN.

• As seen on Dr. Phil, CNN/FN, and Parents
• 2-minute no-obligation form
• Up to four lenders will compete for your business
• FREE customized rate quotes
• Click here to learn more

Piggy says: LowCostLending requires no initial credit check and offers you up to four free no-obligation quotes.

• Free quotes from up to 4 mortgage lenders
• No initial credit check
• Click here to learn more

Piggy says: TheLoanPage has been putting borrowers and lenders together since 1997, offering a personal approach to online borrowing.

• Home Equity, Refinance, and Consolidation Loans
• Get up to three quotes FREE
• Click here to learn more