With interest at their historical lows, more and more homeowners are making the mortgage refinance move. There are several benefits to taking advantage of today's low rates. The first one, naturally, is to make lower monthly payments.

Another good reason to refinance is to switch from a fixed rate to a variable rate. Depending on your initial loan terms, switching to a variable rate can make your payments smaller, providing you with short-term savings.

On the other side of the coin, refinancing might be a good way to make the switch from a variable rate to a fixed rate. For some people, variable-rate mortgages can cause worry and concern as to which direction the market will take. A fixed-rate mortgage will provide you with peace of mind and can lock into a great rate and save money over the life of a long-term (15, 25 or 30 years) mortgage.

With so many different bills coming in each month, a mortgage refinance to consolidate debt is a smart move to ensure paying your bills on time. By refinancing and combining all of your bills into one low monthly payment you can save significantly on interest charges and late fees while gaining some peace of mind. Not only will you be more organised, you may benefit from tax savings, too.