So you've lived within your home for quite a while now and have been content mailing off your mortgage payment every month. Refinancing helps countless homeowners get lower rates on their mortgages by settling their old mortgage and writing a fresh one. High consumer debt could result in a denial of your mortgage loan application.
A fixed-interest mortgage loan is essentially often the greatest choice for new homeowners. You can still refinance using a much lower equity, however you will most likely get benefits if you have a 20% or higher equity.