Refinancing can save you thousands of dollars in interest costs or alleviate your budget woes with a lower monthly payment. But not all refinancing products or lenders are created the same. You need to find rates and terms that fit with your needs. Fortunately, mortgage lenders can provide answers if you ask them the right questions.

1. What refinancing loan products do you offer?

Most mortgage lenders offer the same terms and rates for refinancing as they do for original home loans. That means you can apply for fixed or adjustable rates, or interest only loan. You also have flexibility with your terms. So you can lower your payments with an extended loan or get on the fast-track to pay off your mortgage with a shorten loan period.

Keep in mind that your loan features affect your refinancing rates and closing costs. For example, adjustable rate mortgages usually start off two points lower than fixed rates. If you plan to only stay in your home for a couple of years, this is a good refinance option for you. However, since rates can increase after the introductory period, a fixed rate refinance is better for those planning to keep their loan for several years.

2. What are your rates and fees for my credit?

Rates posted on websites or bank lobbies are great for getting a general idea about lenders. But for numbers to base your refinance decision on, ask for a personalized loan quote that includes the rate and fees.

Online refi lenders can usually get you a loan estimate within minutes based on credit information you provide. Or you can opt for a more accurate estimate by allowing lenders to access your credit report.

Just remember that each credit check temporally hurts your credit report, unless all the lender checks occur within the first 30 days. So once you begin asking for quotes, dont put off your refinance decision.

3. How long does it take to lock in rates?

For lenders with the most promising rates and fees, ask how long it takes to lock in those good deals. Some mortgage companies will allow you to secure those rates by accepting your application online. Others require you to provide additional paperwork before they quote a final rate. With these companies, its important return forms immediately and follow-up with a phone call to make sure you lock in the rate before it rises again.

With thousands of dollars in the balance, taking the time to ask a few questions is well worth the effort. When you have the proper information, you can make the right refinance decision for you.