To refinance home mortgage or not to refinance home mortgage – that is the question. A great way to free up equity in your home is to refinance home mortgage. If rates are favorable, you can lower your monthly payments by reducing your interest rate. This can also be done if you refinance home mortgage. As you can see, there are a lot of benefits in choosing to refinance home mortgage. Another good reason to obtain new financing for your home is to use the cash to pay off other debts like credit card bills. This not only saves money on interest rates, but reduces the overall monthly payment amount as well.It Makes SenseNew financing is an optimal solution. It is an excellent method of lowering the investment cost in a piece of property. However, the equity left in the property will then be non-existent. So if the property appreciates, the return on your investment will be a lot more than you could have made in another market.If you need capital, then getting a new financial arrangement for your property is the way to go. For a lot of people, home equity is the only viable source for new capital. This type of arrangement can be obtained at a reasonable expense. If you choose this path, you are probably wondering where to go to obtain such an arrangement.Your decision is made a lot easier today by the availability of such arrangements from banks and brokers alike. Even television is full of ads for such services. Doing a Web search will also yield numerous results. There are so many choices to pick from for a potential borrower. Oftentimes, the differences are in the fine print and closing costs. What are the penalties in the arrangement? Is the rate fixed or adjustable? Is the rate competitive when compared to what other lenders are offering? How much trouble will you have to go through to qualify? All these specifics differentiate one lender from the other. That is why it is a good idea to study all these specifics in great detail. Hiring consultants or brokers to help you is thus, a good idea. You can let the professional shortlist the choices for you.Other ConsiderationsYou should consider making the home very presentable so you can get good offers for new financing. Doing this helps the appraisal process and that is certainly to your advantage. You should correct obvious problems as soon as possible. A new paint job and a thorough clean-up will do wonders towards making the home look better.So check with your broker or bank. You should be able to get a good proposal if you shop around. After studying all your options carefully, make the choice that fits your situation best. Only you can determine if you should really take new financing or not. Just make sure you have a good reason and a good plan for going down whatever path you eventually choose. Good luck!