You may want to do a Refinance for several reasons:

- Your current mortgage has a high interest rate and you can obtain a lower interest rate with a new mortgage. After expenses involved with the refinance you still come out ahead.

- Your current monthly payment is too high. You may want to refinance your mortgage with a longer amortization period and lower monthly payment.

- You may wish to borrow more money. So you refinance at a higher amount, pay back the original mortgage and keep the difference. However there is another way of borrowing more money through a second mortgage. Here you keep your original mortgage intact and do a second mortgage for the additional fund you want to borrow.
-Which option is best will depend on the interest rate at the time and the expenses involved with the two options. Your lender or mortgage broker will be able to advise you on the better option.

You will find that lenders and brokers are keen to refinance your mortgage. On any given day lenders and brokers quote different prices to consumers for the same term loan. You will save thousands of dollars therefore if you check with several lenders or mortgage brokers and make them compete for your business.

Remember a half percent interest rate saving on a $100,000.00 mortgage amortized over 25 years will put $9,173.82 in your pocket over the life of the loan.