Mortgage refinancing helps the loan takers to repay the amount by modifying the interest rate. The advantage of mortgage refinancing other than the low rate of interest is the term duration of previous mortgage loan can be reduced or shorten with the new mortgage loan. If there is 40 years of fixed rate pay and low interest rate, such that it cam be reduced to 30 or 25 years for same condition of payments. In this way the home owner can build equity very quicker with very less amount of interest. New mortgage loan to replace the existing loan is not advisable to those who move often to other places.