Should you refinance your mortgage simply to get a better rate? That's one of the most commonly asked questions. For homeowners with good credit who intend to stay in their homes for at least five more years and have interest rates more than 1% over the current rate, it makes sense to think about refinancing to a lower rate. Consider the simple math. For ever 1% above the current rate, you are paying $1000 per $100,000 in loan value per year on your loan. For example, if your loan is $250,000, you would save about $2,500 per year by refinancing to a 1% lower interest rate. You should set those savings against the closing costs of the loan. As you can see, the longer you plan on staying in your house and the bigger the difference between your current rate and the new rate, the more sense it makes to refinance.

Other reasons to refinance your home mortgage are clearer. If you are currently paying 19% interest on your credit cards and you could consolidate this debt under a home loan, you will almost certainly be better off. If you are on a fixed income and worry about how a variable interest rate may push your mortgage payment beyond your means, a refi to a fixed rate may be the answer. And, if you have had a dramatic change in income, a refinance to lower your rate or a refinance to switch to a 15 year loan (higher payments / lower interest) may make more sense for your family.

The SureHits Marketplace brings together a variety of loan originators and referral services to help you find the mortgage that meets your needs no matter what situation has caused you to think about a mortgage refinance. Read through the offers in our marketplace and chose the provider or providers that make the most sense for your individual situation.