Maybe now is the best time to consider refinancing your mortgage payments. We see, home loans are rare these days. However, refinancing a mortgage accounts for 80 percent of home loan financing at the present time. Record low mortgage rates have existing homeowners considering refinancing to lower their monthly payments or shorten the term of the home loan. Mortgage refinancing includes factors for instance interest rates and taxes that determine whether or not it’s advisable. There are also interesting differences within the outcome of refinancing through a 15-year or 30-year mortgage.