This is perhaps the best advice 70 years ago, but it may not be the best advice for everyone today, because there are such a variety of loan programs out there to choose from.

A lower monthly payment becomes possible due to lower interest rates. In addition, you can pay off your original mortgage and have the money you need to do some home improvements.

Sometimes refinancing absorbs the issue of fair play, to reduce the amount of debt in the capital structure of the borrower.

Adjustable rate mortgage refinancing typically have an initial fixed rate lower than a comparable fixed rate mortgage refinancing.

How about lowering your interest rate through a second loan on your property? You can shop for the lowest interest rates.

However, refinancing or selling the property before the end of the grace period nets you much lower monthly payments, and you repay the balance of the loan sale.