There are several really good reasons why people choose to refinance home loans on a regular basis. One of the best things about refinancing is that you can often obtain a more competitive interest rate (which can save you literally tens of thousands of dollars over the life of your loan). Refinancing also allows you to change your home loan structure and features to suit your evolving needs. If the mortgage you took out as a first home buyer is no longer suitable (perhaps two promotions or three kids later), you can swap to one that better meets your current needs.