A CHECKLIST Is refinancing for you?

Save money on interest rates: Refinancing could reduce the monthly payment if the current mortgage is at a higher interest rate and the homeowner plans to stay in the home.
Convert an adjustable-rate mortgage to a fixed-rate: Making the switch to a fixed rate can be wise if current rates are low.
Convert to a new adjustable-rate mortgage: New adjustable rate plans might offer lower interest rates, lower caps or other improved features.
Build up equity faster: Reducing from a 30-year to a 15- or 20-year mortgage will reduce the total interest paid while building equity more quickly.
Convert some equity to cash: A longtime homeowner who has reduced the outstanding principal owed could finance more than the amount owed on the home, using the difference for home improvements, major purchases or college costs.