Another reason why people are motivated to refinance their mortgage is to pay off their other debts.
Interest rates may be at a historically low level and it is a perfect time to reduce your monthly mortgage payment.
This is usually done when you want immediate money for home improvement, pay off debts credit card, etc.
In general, 2% from your usual interest loan will refinance California a better option.

The great advantage to be gained from the use of this type of refinance no closing cost is the amount you will pay much less.

Often people who have 20-25 years left on their original mortgage can obtain a refinance loan at lower interest rates.