You should consider refinancing your mortgage when any of the following conditions apply:

• Interest rates have dropped significantly below your current mortgage rate, ideally by around 1% or more, so that the potential savings outweigh refinancing costs.
• Your current fixed-rate term is ending , and refinancing can help avoid switching to a higher standard variable rate.
• You want to lock in a fixed rate when rates are low to avoid future interest rate increases.
• You have built up enough equity in your home, which can help you qualify for a better rate or cash-out refinancing.
• Your credit score has improved since you obtained your current mortgage, potentially qualifying you for a better interest rate.
• You want to shorten the loan term to pay off your mortgage sooner, even if your monthly payments increase.
• You want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for payment stability.
• You need to remove private mortgage insurance (PMI) if you have gained sufficient equity.
• It makes financial sense based on your monthly savings versus refinancing costs , including closing costs.

It is generally recommended to review your mortgage annually and consider refinancing every 2-3 years, ensuring that the financial benefits outweigh the effort and costs involved. Frequent refinancing can impact your credit score and lender perceptions, so timing and clear financial goals are important.