There are many reasons why you may wish to refinance your home loan. The interest rate that you may have originally locked in may be higher than what you can now get, or you may have an adjustable-rate instead of a fixed-rate one. You may be looking to reduce your monthly payments or to cash out on the equity that you've built up. These are just a few of the many benefits to refinancing your home.
According to personal finance website MyFinance, as many as 2 million homeowners may have refinanced their homes last year here in the United States. The financial value of these deals came in just shy of $749 billion. An estimated 6.7 million homeowners are eligible, yet haven't taken the necessary steps to refinance their homes.