Since there are literally hundreds of mortgage plans to choose from, much more sensible approach would be to start with the end in mind.

Prevailing rates may become significantly lower than when you have secured your first loan.
This is why more and more homeowners can not qualify for refinancing option.

Your goal here is to work with a lender that offers the lowest interest rates.

You have made a significant investment in your property and the best way to realize their potential is to consider looking for the best possible prices in order to maximize this potential and keep your payments low.

Your bank does not do the collection of interest payments that you send each month, banks make most of their profits from selling loans on the secondary market.