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Some of the advantages of refinancing are:

• Get Benefits Of Lower Interest Rate
• Save Money
• Bid Goodbye To Premium Mortgage Insurance (PMI)
• Shorten The Length Of Repayment
• Change The Repayment Plan

Why Interest Rates Go Down
When you purchased your dream home the financial condition of market was not as favourable as today. Various factors determine the interest rate, like inflation, lending rate of federal bank, etc. The better the economic condition of the market the lower will be the interest rate.

Advantages of Mortgage Refinancing

Since the interest payment is low you will have to pay less equated installments. You will save money by lowering down your monthly expenses.

• You will save money by lowering down your monthly expenses
• You can utilize the equity built in your house
• Shorten the length of repayment
• Access to extra cash

Shorten the Length of Your Mortgage when Refinancing
It is good to shorten the length of repayment. Say you originally had a 30 years mortgage. Since the interest rate is low you are going for refinancing. Now you stick to the same EMI which you were earlier paying. This will help you to repay the loan in 10-15 years; subsequently enabling you to build faster equity in your home. The payment now will go more towards principal and you will repay the loan quickly.

Change the Repayment Plan
You can change from ARM to FRM. The rate of interest is currently low but that doesn't mean it will continue for ever. It's better to fix your interest rate now and keep yourself free of market swings. But before switching from ARM to FRM you must considered one thing and that is if you are going to stay in your present house for a short term, stick to ARM.

Bid Goodbye to PMI
If you were unable to make a down payment of 20 percent when you purchased your home, you may have been required to purchase Private Mortgage Insurance (PMI). If your house has appreciated since then, and you've steadily paid down your mortgage, your equity may now be more than 20 percent. If you refinance, you will no longer need PMI.

Access to Extra Cash - Cash-out Refinancing
Liquidate the equity you have built in your house. Because of continual EMI you have paid to your mortgage refinancing lender your equity might have increased considerably. You can utilize this equity and get higher amount than the principal due and take the extra funds as cash. Using that cash you can renovate your house and add further value to it or spend that money on your kids' education.