First we need to know what refinance is before going further. Refinance is a new loan taken out by borrower to pay off the original loan. One should know that all lenders are in business and when talking of business, it should have a profit. A lender will not refinance a mortgage home purchase loan if they got nothing of it.Home or a house is the best asset and every peoples dream to have and once you got one, it seems a fulfillment of life but that needs a lot of planning and knowing the capabilities of your financial situations. Learning how your financial status will be affected not only for a short time but for a longer time and this kind of things need to be taken seriously since not only you that will be affected but as well as your family.Although the home purchase loan rates will depend on other fees, taxes and insurance which is compulsory for all buyers and just be sure that the lenders disclose all the information when it comes to any charges that is going so that you will be aware of it, not affecting your monthly payment program. Actually taxes and insurance are distributed in your monthly payments and accumulated by your lender till the payment is due where in it is the lender who pays on your behalf.Take note that any type of mortgage either first or second mortgage or even home equity in line of credit can be refinance if you, as borrower meet the lender’s requirements for refinancing since home equity can be a collateral which may also help the borrower not to pay the private mortgage insurance on a home purchase which is made less than 20% of down payment and usually, home mortgage can be refinanced at any point during the loan.When you have a home purchase loan, it is automatic that the house or home you purchase will be used as collateral. Take note that the lender will work from the initial purchase price not from the new appraisal when you refinance mortgage and mostly the interest rates fall when the homeowner refinance mortgage. There are many people which are not fully aware of all the rules that surround deducting interest on home mortgage refinancing. Most mortgage refinance require you to hold your mortgage for at least six months before refinancing.When you reach several years owing your home and you want to consider refinancing your mortgage for reasons of reducing your interest rates, then you need to bear in mind that although in refinancing helps reduce your interest rates but remember that you also extend the years or payback period, in short you will be in debt for longer period of time than the original planned.So when you think of home purchasing loan which you think is more advantageous to you, you also need to think for the other side of it when you do refinance mortgage home purchase loan. Things need to be think, plan, decide and learn in order for you to know the advantages and disadvantages when it comes to refinance mortgage home purchasing loan.