With rates historically low it’s a good time to re-evaluate your mortgage. Whether you’ve lived in your home your whole life or are looking to expand in a larger one, don’t make the mistake of making payments every month and not thinking about achieving your financial goals. Doing so could be taking money that could be used towards that home improvement project you’ve been planning or your child’s college fund.

With the economy slowly recovering, I don’t blame people for being cautious when it comes to their finances. However, you should not be afraid to seize the opportunity to lower your monthly payment.

To make sure your mortgage is still the best for you; ask yourself how long you plan to be in your home. On average, homeowners stay in their home approximately seven to nine years. Depending on whether you have a fixed-rate or adjustable rate mortgage (ARM), you may want to consider refinancing.

An important factor to consider is your living situation. If you plan on expanding your family and looking for a larger house, consider refinancing to a short-term ARM to lower your mortgage payment. This will be more cost-effective until you move into your bigger home. If you plan on staying in your home less than seven years, a low-rate ARM may be a better option to a traditional fixed-rate loan.

If you’re staying in your home longer than nine years, a fixed-rate mortgage is probably the smarter option. Rates will eventually shoot back up, and ensuring that you keep your historically low interest rate with a 15 or 30-year fixed-rate mortgage will save you a lot of cash and keep monthly payments low.

If you are having trouble making mortgage payments, consider refinancing to shorten the term of your mortgage. If you have a 30-year fixed rate mortgage, you could refinance to a 15-year term. Since the principal balance is amortized over a shorter period of time, you can end up paying significantly less in interest over the life of the loan.

The right mortgage can help you achieve the financial goals you’ve been working towards. Whether it’s a comfortable retirement, a new home, or just financial security, the proper mortgage can make your finances a whole lot more manageable.

A mortgage is the last thing you want to worry about. Get rid of that worry by refinancing and lock in a historically low rate. With the economy constantly changing, give yourself piece of mind knowing that you have the best mortgage possible. Make it easier on yourself and your wallet by refinancing with a trusted mortgage professional.