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You will be decreasing your monthly payments when you exchange your high interest rate for a lower interest rate. Not only will a lower interest rate cause you to save money each month, but you will also be able to more rapidly build equity in your home. If you have dreamt of lowering your high interest rates, it is time for you to choose mortgage refinancing. Another reason homeowners turn to mortgage refinancing is to change the term of their mortgage. The most common change homeowners make when mortgage refinancing is to decrease the term of their mortgage.