Mortgage lenders also provide refinancing to borrowers. The Atlanta Mortgage Group Inc. offers "No Cost" Refinancing, in which the borrower is not required to pay closing costs. Generally there will be fees associated with obtaining a mortgage relating to relating to loan origination, appraisal, preparation of credit report, attorney fee, title fees etc. The lender or the borrower depending on the terms and conditions of the mortgage must pay these costs.

In the case of "No Cost" refinancing, the lender will agree to pay the fee. In turn he will charge the borrower a higher rate of interest for the entire life of the loan. The excess interest may range from 0.5 to 1 percent depending on the size of the loan. However it makes more sense to pay the normal closing costs of the loan and pay lower interest rate.

Another refinancing company in Atlanta, Garrett Mortgage Inc., also offers refinancing of home mortgages in and around Georgia. It also offers suggestions to borrowers about the feasibility of opting for refinance at some time to the borrower.

Home mortgage refinancing reduces the current monthly payments of the borrower, results in paying off the mortgage faster and also reduces interest risk by switching over from the adjustable interest rate loan to the fixed interest rate loan. There is no need to go for private mortgage insurance in the presence of refinancing option. One can save substantially with a mortgage refinance. A mortgage refinance calculator, which determines the monthly payments, the interest savings and the number of months for reaching break-even point on the closing costs will help the borrower in deciding whether it is useful to refinance at a lower interest rate.