1. Lower your monthly payment

2. Reduce your term and pay off your mortgage years sooner

3. Save thousands of dollars in interest charges over the life of your loan

4. Use a portion of your new mortgage to consolidate debts

5. Increase appraisal value of home by remodeling your home

6. Reduce interest rate charges by taking advantage of the low mortgage rates that are being offered

7. Refinancing your mortgage when rates are down could save you hundreds of dollars every month and thousands of dollars over the life of your loan

8. Changing from an adjustable rate mortgage to a fixed rate mortgage brings advantages. ARM's fluctuate with changes in the market rates. Your monthly payments are likely to go up as interest rates increase

9. By switching to a fixed-rate mortgage, you'll enjoy the stability of a low, fixed rate that stays low

10. A major benefit to refinancing is the ability to lock in a low interest rate for the duration of your loan

11. By reducing the term of your mortgage you build equity faster

12. Convert equity to cash

13. Use the equity in your home to add living space in your home as your family grows

14. Refinancing with the cash-out option allows you to finance your spouse or children's education

15. The cash-out option allow you to fund your business or use funds for investment purposes

Source: Unknown - Advanced Access

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