When interest rates are low, refinancing your mortgage can be a no-brainer. But is refinancing still an option if they're not? Of course. Here are some reasons why you could still consider refinancing your mortgage:

1. You want lower monthly payments.
A lower rate can mean lower monthly payments. Consider taking out a new loan for the same length of time that remains on your current mortgage but with a lower interest rate.

Choose this option if you plan to stay in your home for the life of the mortgage or need more cash for current financial obligations such as college or a new car.

2. You want to pay off your mortgage more quickly.
You may be able to shorten the length of your mortgage (say, from 30 years to 15 years) while keeping your monthly payment at or near its current level. You could save thousands of dollars in interest and assume full ownership of your house more quickly.

Choose this option if you don't plan to stay in your house for very long and you have ample current cash for your current financial obligations.

3. You want to lock in a low rate.
Refinancing may be an easy way to convert your Adjustable Rate Mortgage into a Fixed Rate Mortgage, ensuring a stable mortgage payment. Check first to see if your current loan has a no-charge lock-in feature.

4. You want a better Adjustable Rate Mortgage (ARM).
Mortgage options are constantly changing. A new adjustable rate program may be available that has more favorable rates and terms than your current loan.

Choose this option if you are unhappy with the terms of your current ARM.

5. You want to consolidate debt.
If you have enough equity in your home, you might want to combine a home equity loan with your original mortgage and have one manageable payment. Or you might want to wipe out some other high-interest debt, such as credit and charge card balances or installment loans.

Choose this option if you have multiple debt obligations and want to simplify your payments.

To find out if refinancing is the right option for you or to refinance now: