To find a mortgage lender who runs a legitimate business, you might want to do a little background check first. Other than the Better Business Bureau website, consider checking out the website of the Department of Regulatory Agencies in Colorado at www.dora.state.co.us. You'll find plenty of useful information here about taking out a mortgage refinance loan in the state – especially important if you have never gone through refinancing before and are unfamiliar with the process.
Refinance if the new rate is lower.
If the current rates are pretty much the same as the old rate you took out your first mortgage loan with, there really is no reason for you to refinance. Refinancing with these conditions will only result to more expense on your part because you are essentially taking out a new loan. That means, you will have to go through the procedures all over again and pay the same fees.
Consider taking out a mortgage refinance loan if the going market rate results to a difference of about 2%. That should justify the new costs associated with a new loan that you will have to pay for.
Not every lender you approach will give you the same interest rates. This is why it pays to shop around. Get quotes from multiple lenders and compare the costs, fees and charges involved to determine the bigger picture.
If you're looking to refinance your property in Colorado, try to study the market first. Read everything you can and ask around to get a feel of the trends. Although there really is no guarantee that the information you find will give you 100% satisfaction later, you could still use it to make a more informed decision.