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• Lower your monthly mortgage payment
• Reduce your mortgage term and pay off your mortgage years sooner
• Save thousands in mortgage interest charges over the life of your mortgage loan
• Use a portion of your new mortgage to consolidate debts
• Increase appraisal value of home by remodeling your home with your mortgage equity
• Reduce mortgage interest rate charges by taking advantage of the low mortgage rates that are being offered
• Refinancing your mortgage when mortgage rates are down could save you hundreds of dollars every monthly mortgage payment and thousands of dollars over the life of your mortgage loan
• Changing from an adjustable rate mortgage (ARM) to a fixed mortgage brings advantages. ARM's fluctuate with changes in the mortgage market rates. Your monthly mortgage payments are likely to go up as mortgage interest rates increase

What Are the Costs of Mortgage Refinancing?

Here's what you can expect to pay when you refinance your mortgage:

The 3-6 Percent Rule
Plan to pay between 3% and 6% of the amount of the new mortgage loan amount (if you want cash-out, the mortgage loan amount will be larger). Yet some mortgage lenders offer no-cost mortgage refinancing in exchange for a higher mortgage rate.

Getting to the Mortgage Points
Points play a big part in how much it'll cost to refinance your mortgage - the more points you pay, the lower your mortgage interest rate. Points are a good idea if you're planning to stay in your home for a while, but if you'll be moving soon you should try to avoid paying mortgage points altogether.

Negotiate the Mortgage Fees
Be aggressive and investigate the mortgage fees your mortgage lender is asking you to pay. You may not need an appraisal, or your mortgage loan-to-value may be such that you no longer need Private Mortgage Insurance. Sometimes if you refinance with your current mortgage lender they won't need a credit report. With a little research it's amazing how much you can save on your mortgage.