(wmliu)

With interest rates as low as they are, nearly all homeowners should at least consider refinancing. But the process of locking down a more attractive loan can be a minefield, and it's easy to make mistakes that nullify much of the advantage of refinancing.

LendingTree conducted a survey and came up with these five mistakes refinancers tend to make:

*Overestimating home value. The number is probably tumbling, and you may be in for sticker shock if you haven't checked your home's market value in several months. If you're underwater on your mortgage it will probably be tough to find the loan you desire.

*Waiting too long to refinance. While it's not possible to make this mistake currently, thanks the the gradual decline of interest rates, there's no way to tell when mortgage rates will bottom out and start to climb back up.

*Obsessing over interest rates. Fees, the reputability of the lender and the loan terms should factor in to your decision.

*Ruling out anything other than the traditional 30-year mortgage. Shorter-term loans, such as the 15-year option, allow you to pay less overall interest and pay your home off quicker.

*Coming unprepared. Check with your prospective lender to establish what materials you'll need to bring in to your application meeting and closing.

LendingTree Lender Marketplace Survey Reveals Top 5 Mistakes Refinancing Consumers Make [LendingTree via PR Newswire]

(Thanks, Megan!)