Sometimes, saving money or raising more money is not always the objective in a refinance. You might want to change the type of your loan, or you might be forced to get a new loan. For example, balloon loans—which, after a predetermined time, substantially increase your interest rates, or even become due and payable in full—may require you to get a new loan. In considering whether to refinance your mortgage, you will want to compare the refinancing loans available. You will have to examine your personal situation to determine if it makes financial sense to refinance. It will be important to understand the process of refinancing. And you will need to know what you can deduct on your tax return.