How does refinancing the current mortgage help?

Question by Nils: How does refinancing the current mortgage help?
When one should refinance home mortgage? Does it help to bring the number of period of payments down? If so how?

Best answer:

Answer by mateomortgage.com
There are many reasons people consider refinancing. It just depends on your financial situation and what you would like to accomplish. If you want to pay your mortgage loan off sooner then doing a 15 or 10 year loan will help. If you want to lower your monthly payment you can see if you can get a lower interest rate, or go to a different loan type.

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