Mortgage refinancing has become a hot topic in the housing market as of late and according to the U.S. Census Bureau, 68% of families own their own homes. Fluctuating interest rates and a booming economy has made it possible for this increase in home ownership across the nation. Here are three reasons why a homeowner might consider refinancing his/her greatest asset.

1. Lower Interest Rates - This is probably the most popular reason to refinance. When mortgage rates fall 2% lower than the current rate, it becomes profitable to refinance into a new mortgage.
2. Cash - Some people refinance to take cash out of their current equity. Whether it be for home improvements, paying off debt, or just for pure leisure this is a common reason to refinance.
3. Suitability - Some mortgages just don’t work for some people. An adjustable rate mortgage can stress some families out and interest only loans can make it hard to see the light at the end of the tunnel. Refinancing becomes the best option to change what you have into something that you can live with.