Pull your credit report from the bureaus and review it for any negative items (late pays, collections etc) and inaccurate detail. Try to dispute negative items and remove them from the report. If required pay off any unpaid debt. Otherwise, you won't get a low rate and may not even qualify. Of course there are lenders in the subprime market who may offer you a bad credit refinance loan, but it's better to avoid them as they'll possible charge higher rates and fees.
You have a legal right to a good faith estimate. Get a copy of this document and go over it with a fine tooth comb, it will reveal where there is a real problem.
Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.
If you do not plan on staying in the house very long, refinancing may not be in your best interests.
If your monthly payment on a fixed-rate loan includes escrow amounts for taxes and insurance, your payment each month could change over time due to changes in property taxes, insurance, or community association fees.
