Honesty you are in a treat in this low rate refinance environment if you have a secure job, reasonable home equity and favorable credit rating. Anybody who has all of those is likely able to spend a little bit more towards paying off mortgage in half the time. In fact, depending on when you have signed your current home mortgage you might not even need to spend more than what you are paying for a much longer term mortgage.Present 15 year refinance rates are roughly half a percent lower than 30 year rates. Therefore, you would execute three objectives at once by refinancing now. Obvious ones are to reduce your mortgage rate and term. The other one is to secure these great rates for the rest of the mortgage term because they are really low at the moment. Who knows when these low rates offered by lenders again, maybe you never see them at all.Whilst you have the means it is recommended to put that money in your home in this market environment. House valuations may be low at the moment, nonetheless, keeping the money on your home is still the secure option for people who are not in business to turn around capital fast and make money several times over. Holding the money in the bank does not positively pay much and stocks are still really risky.Having a home mortgage free would be quite handy when you stop working and your income comes down. It may be that just about the time you pay off your home loan you would have to think about college fees for your children. Whatever the future may bring, with the equity safely reserved in your home you could have much confidence in your capability to cope with life’s unforeseen turns. Have a little search to determine what mortgage refinance rate offers are out there for you.