One great way to save that we tend to forget as we look for the best interest rates on savings accounts, money market accounts, money market funds and CDs, etc., are the ways we can save money through lowering our cost of living. With that in mind, Wells Fargo (NYSE:WFC) is offering an extremely low mortgage refinance rate of 4.66 percent. This is a 30-year fixed rate.

To understand what that really means, the all-time low, as far as it relates to a weekly average (not a one-day low), that number is 4.61 percent. So Wells Fargo is just over that rate at this time.

All of this is subject to fairly rapid change, but the ballpark figure should remain around these numbers, even when they fluctuate.

With these low mortgage refinance rates being at optimal levels, if you’re in the position to and are thinking in terms of refinancing, you many not get another chance at low interest rates like this for some time.

In order to manage your expectations properly, keep in mind that these rates are offered under the assumption of good credit and the amount of equity you have in your home.

If you’re ok in those areas, the lowest interest rates will be of great benefit to you. But even if you’re not qualified for the absolute best rates, it’s worth checking it out and applying, as the interest rates you would normally get when taking into consideration your credit score and equity in your home should be lower than it would be anyway.

In other words, your situation can’t be changed, and because interest rates are low at this time, if you qualify for a refinance your rates should still be better than you would have received from past period of higher interest rates.

Of course if you have significant equity in your home and a strong credit score, you’ll get the very best refinance interest rates out there to have, and probably the best rates that will be available for years into the future.

Don’t wait for refinance to become popular in order to benefit from these great interest rates for refinancing your mortgage. This is a great personal finance tool to make your cost of living decline, while at the same time freeing up more money to invest if you choose. It doesn’t get much better than that for the average person.

The appraisal process of buying a home has some new rules – ones that are costing borrowers and lenders both time and money. The new rules were developed to protect from faulty appraisals but place regulations on how lenders can choose an appraiser when certain home loans are originated. While consumers in general may feel no concern about this rules in the past, they may suffer the consequences when their loan is delayed or canceled altogether because of appraisal issues.

The new rules became effective May 1, 2009 and were meant to reduce the occurrence of fraudulent appraisals where the home valuations were inflated. Lenders are now required to follow the Home Valuation Code of Conduct (HVCC) with regard to conventional or conforming loans being sold to Fannie Mae or Freddie Make. FHA loans are not affected by these guidelines because they are insured by the Federal Housing Administration, and neither are VA loans, which are guaranteed by the US Department of Veteran Affairs.

Helps and Hinders Borrowers
For home buyers, the new rules will help prevent them from paying inflated prices but those who are going through the refinance process and were hoping for a higher home value, the chances are greatly reduced. Typically, there are two types of appraisers that evaluate the true price of a home. One such group is considered to be the quick-service kind that produces appraisals based on minimal research. The other are the more reliable ones that do a lot of legwork to ensure the home is values accurately and fairly. Borrowers who once thought the appraisal process wasn’t much of a big deal, really do need to pay attention to the appraisal process because oftentimes a lazy appraiser can go too low and have a serious negative impact on a loan’s approval or sale price, as well as netting a higher interest rate. Borrowers should also be concerned about an appraisers ability to conduct the appraisal in a timely manner. In order for borrowers to lock in a decent interest rate and satisfy contract terms, an appraisal needs to be conducted and completed within a specified time frame. If an appraiser fails to come through, it can cause the loan approval to be declined.

Higher Costs
Another concern borrowers should note about the new appraisal rules is that the cost of an appraisal may be more expensive now due to additional regulations. Appraisals are more labor intensive and therefore, more costly. Borrowers may also be required to pay appraisal costs upfront, adding to their out-of-pocket expenses regardless of whether or not the loans comes to fruition. Plus, if the first loan attempt fails, borrowers may find they have to foot the bill for a second appraisal for a new loan application.

What To Do
If you are in the market for a home loan, experts advice that you speak with the lender at length before applying for a mortgage loan to find out whether a appraisal will be in line with the proposed loan. Borrowers can also do their own research by comparing sale price and home valuations and other trends in their area before applying for a loan to have a better idea of what to expect. Otherwise, a borrower may face significant disappointment and frustration at being turned down for a loan. It helps to have a good mortgage lender work with you through all the steps of the home loan approval process.

There are still many homeowners in the nation struggling with foreclosures and doing what they can to prevent foreclosure on their homes. Unfortunately, as with many other things involving desperate times, there are less-than-formidable people ready and willing to take advantage of a homeowner’s desperation.

Not On the Up and Up
Companies that are offering loan modification assistance to those homeowners in foreclosure trouble are also typically offering a world of trouble to those already having a rough time financially. Many consumers are contracting with such companies in the hopes of getting serious help. They are paying sizable upfront fees to get help with their mortgage, only to find the company has done nothing in the way of help but has run off with their money. Consumers who then try and contact the company are greeted with disconnected phone numbers or automated voice machines that offer no valuable assistance.

On The Hunt
Sadly, many such companies are known to review foreclosure notices in the newspaper and approach homeowners they know are in trouble and facing foreclosure. The company then promises to negotiation with the lender to get lowered interest rates, remove late fees and penalties, have past due payments forgiven, or lock in a fixed rate on a variable loan. The promises all sound good to the consumer who is willing to try anything to save their homes. The reality is that these companies charge an upfront fee and never follow through on any of their promises – leaving the consumer out more money and still in danger of losing their home.

Bad Odds
According to experts, most lenders would find it in their own best interest to foreclose on your home rather than modify your loan terms. A very small percentage (less than 10) of consumers are actually able to make the renegotiation work in their favor. In fact, most banks do not even get to make the decision whether to approve a loan modification or not. The original investors are the only ones who can make that kind of call.

Experts also said that homeowners who are in danger of foreclosure should not give up on the idea of working with the lender during times of financial hardships. They say you should still contact the lender directly and discuss your situation in order to find options to help you keep your home. You can do this on your own and avoid any third-party that claims they can do a better job than you can. It will only cost you money you don’t have and more financial problems in the long run if you do contact outside agencies that promise to stop your foreclosure.

During the financial turmoil all over the nation, consumers still have to be worried about falling victim to the increasing amount of scams in addition to worrying about staying on track with their personal finances. Due to the increasing rate in the number of home foreclosures, many consumers are looking to get help and at that point they are usually in a desperate situation. It is these vulnerabilities that leave consumers open to the predatory people who are looking to take their money while promising to save their home. They post guarantees to cease foreclosure on the internet, television and in the newspapers. Out of desperation, many people will do anything to save their family’s home but end up getting taking for a ride. The con agency takes your money and becomes invisible and you end up losing your home anyway.

How To Spot The Unscrupulous People
Con artists today have a big advantage with technology. There are many ways to make their “company” look legitimate and official. Keeping tabs on what’s real and what isn’t is no easy task. One red flag should be companies that name their company or use a URL address that is similar to the various governmental programs available set up to help homeowners. Some even go so far as to say they are affiliated with the governmental assistance.

Here are a few tips for evaluating different loan modification assistance companies:

• If you are contacted by phone, do not hesitate to ask for a call back number, which can help you confirm the companies identity when you call them back. If the representative declines to give you that number, hang up and do not divulge any personal information.

• By phone, email, or mail, if you are asked to pay upfront fees or give out personal financial information, it’s a big red flag. Legitimate companies would never ask you for any of this information without the proper paperwork or signed agreement.

• When reviewing websites, look for URL addresses that end in .gov. Even if a site has the word “government” or other related terms in their address, does not mean they are legitimate.

• You should never have to pay for assistance. There are HUD approved counseling agencies that offer free advice and assistance with preventing home foreclosures.

Keep in mind that the marketing tactics scam companies employ can be very good and easily misleading. They are very aware of how impatient and desperate people are to keep from going into foreclosure and they will capitalize on that desperation in every way they can. The money you are handing over will be stolen instead of used for saving your home. Visit a legitimate agency for help or check out the Obama administration’s Make Home Affordable website for more information about saving your home.