When refinancing a home, it makes sense to do so if it will save you money or make paying your monthly bills easier. If you can lower your interest rate, shorten your loan term, or both, it may be worth exploring your refinance options.

When mortgage rates drop below a homeowner's current interest rate, it may be the right time to consider refinancing. There are, however, other compelling reasons to refinance, such as saving money in the long term. You can also cash out and put that money to  use, such as making improvements on your home.