Today's sophisticated homeowner tends to look for opportunities to refinance their mortgage. The most obvious incentive to do so is to lower the interest rate and, therefore, lower the monthly payment.

However, there are a number of other reasons why someone may wish to refinance. A classical example is for the homeowner who initially chose some sort of short term adjustable rate mortgage, as a way of establishing low initial payments, who now wishes to obtain the security of a fixed rate.

Many others refinance to pay off other sorts of debt whose interest is not tax deductible. Generally speaking, you may

refinance in excess of the outstanding balance of your mortgage and still be able to deduct all of the interest of the new payment. First, be sure to consult your tax advisor.

With the broad range of mortgage programs available today, everything from one- month adjustable rate mortgages to forty year amortizations, there is a program to meet almost anyone's needs.

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