If you are looking into refinancing your current mortgage or applying for a cash-out refinance, home equity loan, or home equity line of credit, here is what you need to know about the process.

First of all, be prepared to talk to more than one licensed loan officer before you settle on a loan program. Always ask for a good faith estimate of what your home mortgage refinancing will cost you and do not work with a lender who is hesitant to give you one.

Secondly, be prepared to have your credit report run. Your credit scores are the biggest determiner of what interest rates you qualify for when looking at home refinancing or qualifying for a home equity line of credit or a home equity loan. Taking care of your credit today will benefit you when looking at mortgage refinancing tomorrow.

Next, get your paperwork in order. Borrowers are asked to provide two month's worth of bank and asset statements, one month's consecutive earnings statements, and 1 to 2 years worth of W-2's. When taking out a second mortgage or home equity line of credit, or refinancing your existing mortgage, you will also be asked to provide proof of homeowner's insurance. Make sure you have your insurance declaration page handy as well.

Once your lender receives your paperwork and your new second mortgage or home equity line of credit has been chosen, your loan officer will open title and escrow and call for an appraisal of your home. In order to complete your refinance, home equity line or credit, or home equity loan quickly, make sure you respond to requests from your lender's associates in a timely manner. Doing so will ensure your home mortgage refinancing goes smoothly and quickly.