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The old adage states that if you can improve your interest rate by at least 1 percentage point, then it is a good time to refinance your mortgage.  While that may work as a general rule of thumb, there are many reasons to refinance.  Here are a few reasons:

• Lower your interest rate
• Lower your monthly payments  
• Change your loan program
• Credit has improved
• Building equity faster
• Tapping into your equity
• Debt consolidation

Regardless of your reasons, you must always determine whether or not refinancing is beneficial for you.