It is no secret that many people have been taking advantage of the recent record low interest rates to refinance their homes at more favorable rates. There are a number of excellent reasons for refinancing a home, but there are a number of important things to consider before taking the plunge.

People refinance their homes for many reasons, but chief among them of course is the desire for a lower interest rate and a lower monthly payment. In some cases the homeowner may even be able to shorten the length of the mortgage loan through a refinancing deal. People with a thirty year mortgage may be able to use today