In this life, if one thing's for certain, it's that nothing is certain. The purpose of having savings is to provide for the future, which is unknown. There are undoubtedly going to be "bumps" along the road of life that can't be foreseen. Whether the "bumps" are associated with the loss of a job, relocation, medical problems, etc. they have to be dealt with. The ability to refinance is often a solution to one or all of the "bumps" we encounter. Refinancing is not, however, solely associated with the negative externalities of life. A surge in income might present the opportunity to refinance one's property so that it is paid off years before it previously would have been. Refinancing is a tool through which moneys can be reallocated so as to better an individual's monetary position as it fluctuates.
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