Length of Stay
One of the things to consider when thinking about refinancing a mortgage is length of stay.
You have been living in your house for x number of years. Let's say 12 years, for example. Now you want to take advantage of lower interest rates than the rates you are already paying your mortgage at. Or maybe you need money for another purpose and are thinking about taking a loan against the house.
So you have been in the house 12 years already, as per our example, and now you might sign on a mortgage that you will be paying for another 20 years. Do you plan on remaining in the house that long or are you already thinking about moving? If you are thinking of moving, and don't plan to stay in the current house more than another year or two or three, it might not be worth refinancing.
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