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If you own a home, you build equity each time you makie a house payment. Refinancing at a lower interest rate can save you a lot of money over time. Your new loan will be for the amount that you owe on your home, not on the amount that you originally paid for it. This will reduce your monthly payment, and the amount of interest that you will pay over the course of the loan. If you have high interst credit cards or other bills, you may want to refinance for more than the payoff on your current mortgage. This will allow you to pay off credit cards and other bills. You will still save a lot of money, as your monthly payments will be reduced.