There are various banks, other financial institutions and building societies that offer mortgage refinance to their existing and potential clients as well. Since they are varied, the terms on which they offer refinancing also vary and it is upon you to research and find out which one offers the most affordable terms.

These financial institutions however have a uniform refinancing term (life) that ranges from 15, 20, 25 and 30 years. However, some of them offer refinancing for a period as short as 5 or 10 years and as long as 40 years.

The common reason for refinancing is of course to have a mortgage with a low interest rate that translates to low monthly payments. Generally, refinancing lenders will offer you the following refinancing options to choose from, upon being satisfied that you qualify for refinancing:

- 15 -year and 20-year refinancing - The 15-year and 20-year terms option mostly have a fixed interest rate, which is of great benefit to you. This is because you will be obligated to make constant monthly payments, regardless of changes in the financial market that affect interest rates. You should however settle either for the 15-year or 20-year terms if you want to clear your mortgage in a much shorter time, you want to pay low interest rates or if you intend to stay in the house for over the next 10 years and looking forward to clearing your refinanced mortgage loan. These are the factors that you need to consider before settling for the 15-year term.

- 25-year and 30-year refinancing - As with the 15 and 20-year terms, the 25 and 30-year terms also feature fixed interest rates, giving you the freedom to make constant monthly payments that do not change over time. Although the terms may be long, they are the most easiest to qualify for. Unlike the other terms, opt for either of these terms if you do not intend to stay in the house over the next 10 years.

The above are the most popular mortgage refinancing options that lenders will offer you and it is upon you to choose that which best suit you. It is important to point out that most jurisdictions throughout the world place a lot of emphasis on home ownership and those who take out mortgages or refinance their existing mortgages are exempted from some taxation. Such tax reprieve coupled with a good choice of term option can result in substantial savings over time.

You should not fix your mind only on refinancing your mortgage. It is prudent that you consider the cost of refinancing your mortgage and the cost of other finances that are also available to you. If your man aim of refinancing your mortgage is to lower your monthly payments and make mortgage easy to manage, then you need to compare the mortgage terms with the terms of other finances you can access.

The good thing with the other finances available to you is that they will not only take into account the value of your house but other improvements that you may have made on your house as well.