Should you refinance your existing mortgage? Should you just knuckle down and make your payments? Deciding whether the time is right to refinance is an important decision.Your existing mortgage should weigh heavily into your decision to refinance. Take a close look at your terms and the interest rate. If you’ve been “hearing” that interest rates have never been lower, you should consider refinancing. But don’t simply decide to refinance based on what you’ve heard. You may have qualified for an excellent interest rate when you took out your original loan, and your credit may have hit snags since then (meaning you won’t qualify for good interest rates now). On the other hand, you may very well find that you can get a refinance loan at much better rates than your original loan. You’ll probably be borrowing less money and a lower percentage of the value of your house – both situations can help your interest rate. It only takes a few minutes to fill out an online application to see what interest rates you can get on a refinance loan.