When mortgage rates are low, many people chose to refinance their loan in order to lower their monthly mortgage payments. Refinancing also allows you to borrower more money than what is owed on your home if you need money to pay off other debts. Refinancing is always a good thing to think about when rates are low; because rates on your first loan were dictated at the time you purchased the home, and could be significantly higher than the current rates. You can also shorten the term of your mortgage when refinancing. There are many different types of loans and options when it comes to refinancing.