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The time to refinance is when you want to make a less-than-desirable mortgage better, not when you want to buy something with that money. Refinancing might be good if: 1  You have an adjustable rate mortgage. 2  You have an interest-only loan.3  Your house note goes for more than 15 years (such as 30, 40 or 50 years).he time to refinance is when you want to make a less-than-desirable mortgage better, not when you want to buy something with that money. Refinancing might be good if: 1  You have an adjustable rate mortgage. 2  You have an interest-only loan.
Mortgage closing costs can total thousands of dollars. To decide whether a refinance makes sense, calculate the break-even point -- the time it will take for the mortgage refinance to pay for itself. Example: 30 months to break even = $3,000 in closing costs / $100 a month in savings. If you plan to keep the house for less than the break-even time, you probably should stay in your current mortgage.