There are many benefits to refinancing; it just depends on what your objectives are. Some of the most popular reasons are:

• To lower your monthly payments by refinancing at a lower interest rate.
• To convert a portion of your equity into cash by obtaining a new loan for a larger balance than your current loan.
• To switch from an adjustable rate to the stability of a fixed rate.
• To consolidate debt by refinancing a higher loan balance and using the cash difference to pay off credit cards, auto loans or other debts.
• To pay off the mortgage sooner by switching to a shorter term.