- Decrease rates - usually, when rates are lower with 2% refinancing mortgage loan can be one good option. - Consolidate the loans into one- through refinancing mortgage loan you can consolidade your loans into only one, paying one installment. That’s of course, if your home evaluation will be enough. This idee you have to take it into consideration only if the action will lead to decreasing costs. - Reduce the mortgage term – the total costs for the loan are reduced and you'll be able to save more with this kind of refinancing - Need more money? See first at what ratio the mortgage covers the home value. By refinancing mortgage loan at different ratio the amount will increase. Attention! If the ratio is 100%, the costs are bigger and the refinance is not such a good idee. - Avoid "no cost" refinancing – probably for the beginning you will have no cost, but for sure you will be charge in higher intereset rate. This is an advantage only if you intend to keep the loan a short time. Comparing with the existing offers, now is a good idea if you intend to repay in max three years. - Consult a Mortgage Broker – they usually have more offers gather and you can compare and quickly decide who is granting better rates. Choose a broker that is asking for brokerage fee, otherwise the cost are hiddern into interest rate. They also do the hard work for you ( documentation, papers, etc.). Refinancing mortgage loan is not an easy job. Pay attention!