When the rates drop roughly by one percent or more, then there is no need for you to worry. You can readily refinance your mortgage. This activity of yours will help you save some money.

If you refinance your mortgage, other than lowering your monthly payments, it may also save your equity for some other things. So, it is advisable for you to consider refinancing of your mortgage.

If you seriously want to pay your mortgage off and build equity very fast, then you must be refinancing from a 15 year loan or a 30 year loan.