Your mortgage amortization years are divided into 1-2-3-4-5 and even 10 years term at a time, enabling your lender to adjust interest rate to current market conditions and or simply reclaim the loan from you for various reasons, what they do not even have to disclose to you. Make sure you are using a mortgagebroker to shop the lenders for best rates and products along with the most suitable term custom fitted to your needs and not of the lenders.
You should or have your broker time to time check the rates and refinance in case your broker can provide you a calculation you save money for the long term and or your needs have changed and need another product to reflect same. Nothing wrong with to cross the floor to another lender to save money, it is your money.
You will never find cheaper money than mortgage money. As it is secured with the equity in your home you are able to borrow the funds needed against that equity. Your equity is the value between the appraised value and the existing mortgage amount.
You might have reasons to refinance when you need money for business, repair your credit, debt consolidation or simply you want to get your hands on some cash. Investing for a higher rate than is cost you a HELOC is the best way to go; you only pay interest on the portion of it, what you are using and as added value you make your mortgage payment interest portion tax deductible.
To ensure, you are making the right move, you to use an experienced mortgage broker services, because you can make more damage than good if you are not an expert. A good broker will provide you with a plan, help you the precise execution of that plan and will be there for support and advise all the way along.