Contact a mortgage lenders to see if you qualify to refinance your current mortgage. Rates dropped in 2011 and continue to to be very low in 2012. Refinancing can save you big!



If you have less than ten years left before your current loan is paid off then, unless you have a major financial need, it may be best to hold off refinancing and look into a second mortgage of some sort. If you have a good length of time before your loan is paid off the rule has generally been to look for an interest rate at least 2% lower than what you currently have. By lowering the interest rate by this amount your monthly payments will be significantly less if you refinance on the same term length you currently have. On the other hand if your current payments aren't too much too handle refinancing with a shorter term and significantly lower interest rate will keep your payments relatively the same but you are able to build equity much faster. 
Are there any cases in which you should settle for less than a 2% interest rate reduction? The short answer is yes. A good example would be if you have an adjustable rate mortgage (ARM). Even if the rate isn't significantly lower than what you currently have, being on a fixed rate and knowing that there aren't any surprises around the corner is often worth doing the refinance. 

Contrary to what many lenders tell you it is not always financially sound to refinance. Make sure the interest rate you're getting is good enough to make a difference and make sure you plan on being in your home long enough to reap the benefits. Every individual situation is unique so just make sure to decide carefully.

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If you have some net worth or more particularly owe less on your current home mortgage than your home is worth than you could take advantage of a refinance on your mortgage loan and the low, low rates currently availible. Refinancing your home is not free so it is important to shop around for a reputable lender to help get you the best interest ratepossible given your credit score.