Things You'll Need
Check your credit report. Your credit report impacts your ability to qualify for a mortgage refinance. Order a copy of your report, and check the report for negative remarks, such as late payments, reporting errors and unfamiliar accounts. Dispute reporting errors and take steps to improve your score (pay bills on time and reduce debts).
Save money for mortgage-related expenses. Mortgage refinances are costly, and you'll need cash for an application fee, title search, appraisal and settlement fees. Use your personal savings to pay the majority of these fees, and ask the lender to wrap the settlement fees into your new mortgage balance.
Find a lender. Refinance with your existing lender or choose a new lender. Compare
mortgage loans by contacting multiple lenders (perhaps two or three) and requesting a no-obligation quote. State your desire to reduce your mortgage term.
Choose a mortgage term. To reduce your mortgage term, opt for a 20, 15 or 10-year mortgage term. Or if you like, select a 30-year term with bi-weekly payments, which is equivalent to one extra payment a year. By paying one half of the mortgage every two weeks, you'll save money on interest payments and pay off the mortgage loan in 22 years.
Double your payments. If you don't have the credit rating to qualify for a mortgage refinance, you can reduce your mortgage term quickly by doubling your mortgage payments, or increasing your payments by a few hundred dollars.