Some lenders choose to specialize in refinancing mortgage loans. These "refi" or "consolidation" lenders claim to offer better refinancing terms than mortgage lenders that also make loans to new homeowners.
Watch for predatory loan practices by lenders making these or similar claims. If you refinance, make sure that all closing costs are disclosed. If you refinance in order to lower your monthly payments, check whether you are increasing the loan term instead of, or in addition to, cutting the interest rate. A longer loan term means you pay more interest over the life of the loan.
The Mortgage Bankers Association, an industry trade group, suggests that you first consider refinancing with your current lender. Your current lender may be willing to waive certain fees and is the most familiar with your payment history and home's value, the collateral for the mortgage loan.