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Refinancing can result in big savings on interest charges, but homeowners should be aware of the pros and cons before deciding whether to refinance a mortgage. To be sure, there are some good benefits to be realized if you decide to refinance your mortgage. The most obvious is that, by paying off your current mortgage with one that has a lower interest rate, you will have lower monthly payments. Refinancing a fixed rate or an adjustable rate (ARM) loan one with the other can have a significant impact on your monthly mortgage obligation. Just remember that ARMs offer low initial interest rates that will change over time.