Getting a refinanced mortgage with lower interest rates may not be easy. This is because loan companies do not just give you a good refinancing loan without first knowing your requirements. However, if you look closely and observe your own situation, getting a new refinance mortgage loan at lower interest rate can help you save a lot.If you have acquired a home loan many years ago and still repaying it, it is time for you to reconsider whether it is beneficial for you to refinance your loan. Most people feel that refinancing your current home loan is a good way of getting a loan at lower interest rate.Before deciding whether you should refinance your current home loan, here are some of the common reasons why people go for such refinancing schemes which you should know.Getting Benefits From Their Improved Credit RatingFor some people, they may have got the home loan years ago despite their poor credit ratings in the past. However, at the time when they acquired the loan, the interest rates could be quite high because of their bad credit history. As a result, they have to bear the cost of paying the high interest over the years.However, if these people with bad credit repay the home loans on time over these years, their credit score definitely have improved. Because of their improved credit ratings, it is more sensible and logical to refinance the home loans with lower interest rates. This way, it could help save a lot of money and it is never ideal and not logical to continue repaying the high interest rates home loans that they acquired when they have a bad credit history.Changing Adjustable Rate To Fixed Rate MortgageIf initially you have acquired an adjustable rate mortgage, you may think to switch to a fixed rate mortgage. An ARM (adjustable rate mortgage) may seem to look attractive in the beginning, but the rate can change over the time, depending on various factors. Such rate can change twice in a year decided by the Federal Reserve.On the other hand, fixed rate mortgage rate never changed and generally the rate will be lower over the years. If you want to change from an adjustable rate mortgage to a fixed one, you may need to refinance your current home loan.Cash Out To Repay Other Debts With The Refinancing LoanAnother reason why people want to refinance at a lower rate because they are able to cash out some money on closing. These cash out money could then be used to repay some other debts that they may have.For whatever reason to go for a refinancing loan, it can definitely help you save a lot of money.