The home buying process can obviously be an expensive one for consumers to get into, but often once they come out the other side, people are pleased that they took the step. However, when they go to a lender to refinance an existing mortgage, what they might have learned during the previous closing process could go a long way toward saving them a significant amount of money.

One of the biggest things consumers might be able to apply in this regard is related to closing costs in particular, because while these can be sizable, not all of them are necessarily required by lenders to come in at a flat fee, according to a report from Demand Media. As a consequence, if consumers can find a little wiggle room with regard to what their lenders are charging them to refinance, they might be able to save hundreds of dollars or more at the table.

The first step here, obviously, is for consumers to ask their current mortgage lender about any flexibility they might be able to find when closing is involved, the report said. The very idea of refinancing is to save money, and thus lenders might be sympathetic to cost concerns throughout the process. But it might be a good idea for borrowers to do a little shopping beforehand so they can both understand what approximately constitutes a reasonable price, and show their lender that they're willing to go elsewhere to get a better deal if one isn't on offer from that original entity. At that point, it would become an issue of perhaps a few hundred dollars versus mortgage payments for potentially more than a decade to come, and lenders will almost always choose the latter.

What's the next step?
At that point, though, consumers might have to be ready to negotiate, and that's where the other lenders' quotes can be so important, the report said. There are two things here that can typically be negotiated: Closing costs and the ongoing interest rate on the mortgage. The former is where lenders will likely be more flexible (and they might even cover some of those costs themselves to keep a person's business), but the latter is risk-based and generally can't be argued around.

Consumers who do more research and ask plenty of questions about the process are generally those who will put themselves in the best possible position to find good deals on their mortgage, both at closing and over the life of the loan.