Refinancing is a costly business. There are closing costs, fees and there may be early payment penalties on the existing mortgage. Should homeowners have to refinance again few years time, there will be similar costs again. Furthermore, changes in circumstances may prevent them from refinancing again.Homeowners should consider their future plans and adversities. For example, people coming to retiring age soon, should take the reductions in their income at that time in to account. Young couples wanting to start a family shortly could be able to refinance their mortgage now and lower their monthly payments. Once one of them decides to give up his/her job to look after the kids, they may not be able to refinance due to loss of one salary. Young people with a lot of ambitions and expectations should look for portable mortgages. There are such products in the market. Then, they do not need to pay back the mortgage they get now. They can simple carry it on to the new home and get additional mortgage if they need to. This will allow them to keep their interest rate deals and avoid redemption penalties.Another good example is people who are considering starting their own business. When they become their own boss, they lose the wage earner status. Many lenders require three year profitable accounts from self employed people. So, they will not be able to refinance a few years when they make the switch. It is best sorting it out now.They should avoid refinancing up to their maximum ability if they can avoid it. They need some safety margin and chance to save little bit of money each month for rainy days. They should have 3 to 6 months worth of back up money, just in case.Current record low refinance mortgage interest rates could be a good chance to lay the foundation for whatever plans homeowners may have. It is a good philosophy to fill your buckets when it is raining. When these rates are gone and their circumstance change, the homeowners may be hit both ways.Especially homeowners with good credit score could qualify for the best of the mortgage refinance rates. When they experience a slight financial hardship, their score could easily drop 50 – 60 points. With a little bit of foresight and forward planning, they could really have it all. They should start in their searches early to give themselves time to think and consider all aspects of their life and mortgage.