Experts are saying that there is no better time to refinance a mortgage than right now. Rates are at historic lows and for people who are still in an adjustable rate mortgage; the prospect of a mortgage refinance is a must. When homeowners are considering refinancing their mortgage, however, the lenders who might be willing to refinance their mortgage might be few and far between. This has caused many homeowners who are considering refinancing their mortgage to turn to financial institutions in their area to meet their mortgage needs. Now more than ever, people are choosing to use local mortgage refinancing to meet their mortgage needs. Why are people choosing local mortgage refinancing and are there really more financing options if a person chooses local mortgage refinancing? The reason that so many people are choosing local lenders to handle their mortgage refinancing needs is because many smaller lenders have not been so affected by the economy. In fact, many smaller financial institutions, including credit unions are still going strong. The reasoning for this is debatable, but many feel that since these smaller financial institutions stayed strict when it came to giving mortgages to begin with, it has kept them from suffering from situations such as nonpayment on mortgages. This means that they now have more funding to help more people with their local mortgage refinancing needs. Also, smaller financial institutions that tend to do more local business have more of a tendency to do their own mortgage underwriting, which means good news for you if your credit score isn't so great, but you still need to find a lender for your local mortgage refinancing needs. Lenders who do their own underwriting aren't stuck to a computerized set of rules. Smaller lenders are more able to assess a person's ability to repay their mortgage based on all kinds of criteria, not just a credit score. This makes it easier for people who have very little credit or a low credit score to consider local mortgage refinancing as well as people with exceptional credit.