Online financing companies also offer special deals to remain competitive, so you could potentially save thousands with a better offer. While online lenders can save you time and money, follow these tips to be sure you are getting the best deal.

1. Compare Many Lenders

It may be tempting to simply look at your favorite financing company. But to get the best rate, you need to look at many lenders, even ones that aren't nationally known.

To make the process a little bit easier, start with a mortgage broker site. They bring together dozens of lenders for the most competitive financing packages. They will give you multiple bids that you can compare side by side. The other option is to start your search with recommended lenders.

2. Look At All The Numbers ? Not Just The Rate

Many different numbers make a loan a good deal, not just the interest rate. Closing costs and fees can sometimes make a cheap loan very expensive. For a general idea of a loan's cost, compare the APR, which includes both the closing costs and interest rates.

Also look at the fees, which can add up to hundreds. There may be annual, cash out, or early payment fees. With a typical mortgage, you shouldn't have these fees. It is only with a home equity loan or subprime mortgage where you may run into these. And in most cases you can get them removed.

3. Give Yourself Plenty Of Time

Searching for a refinance lender isn't a process that should be rushed. With so much money on the line, give yourself plenty of time to sort through all the numbers. By searching online, you can keep your search to just a couple of hours.

When you are actually ready to apply for your refinancing, the application takes less than fifteen minutes to complete. In a couple of days, you'll receive your loan contract. And in two weeks you can be enjoying lower rates on your new mortgage.