Choosing a loan term involves balancing monthly payments and total interest. Shorter terms save interest but have higher payments. Compare refinance rates from multiple lenders focusing on interest rates, APR, and closing costs. Common refinance types include rate-and-term, cash-out, streamline, and jumbo loans. Refinancing is beneficial if current rates are below about 6.87% or for cash access, lower payments, or removing mortgage insurance. Shop lenders, improve credit, and compare APRs for best rates.