Interest Rate Savings: Evaluate current interest rates in comparison to your existing mortgage. Refinancing at a lower interest rate can save you money over the life of the mortgage, resulting in lower monthly payments or a shorter amortization periods.

Financial Goals and Objectives: Determine your financial objectives for the refinance. This could include reducing monthly payments, paying off the mortgage faster, or accessing equity for other financial needs (e.g., home improvements, debt consolidation).

Costs and Fees: Consider the associated costs of refinancing, such as closing costs, appraisal fees, and potential prepayment penalties. Compare these expenses with the potential savings from the new mortgage terms to ensure the refinance is financially beneficial in the long run.