Is mortgage refinance right for me? Many people are asking themselves that very question. They are wondering whether the time is right to refinance their existing mortgage or not. The answer to the question depends on the terms of their existing mortgage. If the interest rate on their existing loan is more than the current rates, then refinancing is probably a good idea. This will save them thousands of dollars in nterest over the life of the loan. It also depends on their credit rating, as only good credit scores qualify for the lowest interest rates. Someone with a low credit score may not be able to qualify for a low interest rate, meaning that refinancing could actually cost them more.