If you are thinking of re-mortgaging your home there is a lot to consider. There is so much to take in that it can feel like a bit of a mine field. I decided the best place to start is in making sure you understand the language you will come across while you are exploring your options. 

3- Day Right of Rescission - A time period of three full business day after signing a mortgage that the borrower has to change his or her mind and cancel the loan without any negative consequences.

Amortized - Gradually write off the initial cost of an asset or reduce or extinguish a debt by money regularly put aside.

PITI - Principal, Interest, Taxes and Insurance, the total monthly payment if fully amortized, is also used to calculate reserve requirements for asset documentation.

LTV - Loan to Value - The percentage of a homes value owed on the mortgage so how much of the mortgage is on the value of the home. LTV usually refers to one loan on the property

CLTV - Combined Loan to Value, this is the total percentage of the home's value owed on all mortgages combined

DTI - Debt to Income Ratio, this is represented as a percentage that is the ratio between debts and income

Front End DTI - This is the ratio between monthly housing expenses and monthly gross income.

Back End DTI - This is the ratio between total monthly fixed expenses and monthly gross income

VOE - Simply a document from your employer submitted to the lender to confirm employment and income.

ARM - Adjustable Rate Mortgage, any mortgage with an adjustable rate feature, meaning that the rate can be changed and is not fixed, this can allow you to pay off the mortgage early.

Negative Amortization - A loan with a principal balance that increases over time, this type of load generally involves a payment less then the actual amount of interest due.

Interest Only - this is a type of amortization where the principal balance of the load does not increase or decreases. Each months payment is equal to the interest owed and no principal payment it made.

Impounds - Or escrows. This is usually an optional loan feature that allows you to opt to pay property taxes and insurance monthly included in the mortgage payment

Underwriting - The stage during the loan approval process during which a bank or lender representative reviews all the loan documents and makes a decision to approve the loan, decline it or approve the loan subject to certain conditions.

Points- Commonly a confused term. A point is just a percentage. People tend to think of points as the same thing as closing costs, in fact they are not the same thing. 1 point is equal to 1% of the loan amount.

The biggest problem with getting a good re-mortgage deal is the fact that there are fewer deal available, I suspect you well know why! Find an independent mortgage adviser, by seeking the expert advice from an independent adviser you will greatly increase your chances of getting the best remortgage deal possible. An expert associated with a lender might be biased towards offers through their lender so will not be likely to give unbiased advice. A independent adviser will be able to help you compare deals from a range of lenders meaning you benefit from competitive rates.

This may sound cliche but preparation is the key to success. By knowing in advance what you currently have and what you want in the future you will increase your chances of getting a good re-mortgage deal.

Start with notes about all of your current costs, how much your monthly payments are, how much you are paying in interest and how much of your mortgage you have left to pay and how long you have  left to pay it, etc. This will make it easier to compare your current costs with any new re-mortgage deal you may be offered. It will also give you an idea of how much money have to spare if the payments were to rise.

When you re-mortgage your new monthly payments are not your only cost. You may well incur a number of additional costs such as arrangement fees, insurance and all valuation/legal fees. It is wise to ensure you can afford these extra costs before you begin the re-mortgage process and some may have to be paid up front.

Don't rush, with such an important financial commitment its vital you take your time to re-mortgage. I would suggest you start to look for a mortgage deal around three months before your current mortgage expires, that way you are not rushed and have the time to find the best deals, you should not feel rushed at any point.

A poor credit rating is not necessarily going to stop you from getting a remortgage, your status as an existing homeowner can reassure a mortgage lender that you are a reliable borrower. Since the mortgage will be secured against your home by default the overall risk to the lender is relatively low.

If your credit rating has worsened since you first took out your mortgage you may find the interest rates offered to you are higher but an expert mortgage adviser will be able to search a number of products and providers ensuring that any rise in monthly paymentsare as small as possible.