One of the main reasons homeowners choose to refinance is to lower their monthly mortgage payments.

When interest rates are very low, refinancing becomes a particularly appealing option. So how do you decide if it's the right option for you? For a long time, the rule has been that if you can lower your interest rate by about 2 percentage points, it makes sense to refinance.

You have to keep in mind, however, that you'll pay additional fees to close on your new loan. You should evaluate those costs, as well as the potential difference between your old monthly payment and your new one, and determine how long it will take you to recoup the closing costs for your refinance.

With a wide variety of mortgage options, it's beneficial to speak with a Norcom mortgage specialist, to help you look carefully at the potential advantages of refinancing your mortgage.