Most of the time, refinancing your existing loan is all about saving money! Remember to look at the actual interest savings on your refinance scenario. Just because the payment is going lower doesn’t mean that the interest you are paying is going lower.
Perhaps you need to consolidate expensive credit cards or a home equity line of credit. Maybe you need to take money out for a renovation or landscaping project. Turn the interest you pay on your debt into a tax deduction.
Depending on how much you want to shorten the term on your existing loan, you could save on your interest rate while paying your home off faster.