Timing is everything at least thats what most folks would have us believe. But the reality of the situation is that it is often impossible to time financial moves to correspond with the financial markets.

With that said, it is important to look at refinancing as a tool to help you reach your financial goals. Consider your mortgage an investment vehicle, much like your 401K savings plan, college savings or other investment account that you have.

Consequently, it is more important to focus on when to refinance in order to meet specific financial goals, not just what the interest rates are at the time.

For instance, perhaps you are only a few years away from retiring but youve spotted your dream home in an area that you plan on moving to once youre done punching the clock. If your home has appreciated significantly over the past few years, considering cashing out the equity in your home now to lock in todays rates, and use the cash to purchase your new home. That way, when you sell your home here and finally do retire, you could payoff your mortgage entirely and have no payment!

You might have children heading off to college in the near future. Consider taking the equity from your home today to pay for college tomorrow. This will also give you a chance to write off the interest when Junior goes to Harvard, which is more than we can say for student loans.

Finally, many astute investors are purchasing investment properties since real estate has proven to be a wise investment over the years. Tap your existing home to make the down payment, thus assuring positive cash flow on the rental property at a lower interest rate than if your financing an investment property.

While there are countless other scenarios, the important part is to recognize that your mortgage is an integral part of your overall financial goals and should be treated as such. Similarly, your mortgage lender should act like a financial advisor in these situations and lead you in the right direction to ensure financial success. Not just today, but tomorrow too.