, say less than a year. This is a good pre-emptive move, to stay afloat in changing financial conditions.
Other, less convincing, reason for home mortgage refinance loan is home improvement or for buying a new lifestyle product available in the market. If adding ambience to your life is the only requirement of home mortgage refinance, you are more likely to be at the losers end. The present interest rates to which you are changing can be higher than your original rate.
Giving your home equity as collateral can also be necessitated by conditions like educatio.