Refinance means paying off an existing loan from the proceeds of a new loan.

Features of refinance are as following:

• Its prime purpose is to save money.
• It is a substitution of a new loan with new terms, new rate, new loan amount, etc.
• It is often done to derive benefits from changes occurring in mortgage interest rates.
• It is also used as a means for switching between a fixed rate and an adjustable rate mortgage
• It is done to reduce the term of a longer mortgage.
• It is also a very popular vehicle for debt consolidation, which may help in tax savings.

Before deciding whether to refinance or not one should take into consideration the following points which help to ascertain if it would be a right decision:

• Refinance would be a good option if their is good equity in the home. It means that there should be at least 10% equity in the home when you plan to refinance your existing mortgage.
• Gather information on the current market rates and if the current rates are lower than for your current mortgage. The general rule is that there should be around 2% reduction in rate for the refinance to be a beneficial.
• If in the past 12 months there are no late payments recorded against you then chances are that lenders will feel more comfortable refinancing your mortgage and thus you will be in a position to get better rates.
• Your decision on how long you will be staying in your house is another major consideration. Most experts have the opinion that it takes almost 3 years to fully realize the savings of a lower interest rate after a refinance when one takes into consideration the overall cost of a refinance. So if you have plans to move out before this time frame, it will not be of much advantage to refinance.

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