Typically, there are two times to refinance mortgage that are the best. If the customer has a variable loan rates mortgage, a good time to refinance their mortgage would be at a time with the best loan rates. If the customer wants to refinance mortgage at a rate that is fixed, especially to a rate like your currently low variable loan rates, they will avoid paying higher costs if variable loan rates begin to rise.
Another time that is a good time to refinance mortgage is when money can be saved with lower loan rates. In cases such as this, the customer will need to be sure that their monthly savings will pay for the costs of refinancing, while they continue to live on the property. If the customer is selling their home before the refinance mortgage pays for itself, they will not save a dime.
If the customer is having money problems, they may want to lower their mortgage payments and refinance to extend the loan term. This is not the best reason to refinance unless refinance mortgage to a lower loan rate on the new mortgage as part of the deal. If not they are not actually saving money; as a matter fact, the opposite is true. If they extend the loan term and do not change anything else, it may help with their cash flow problem, but when it is all said and done, they will end up paying more for interest.