When you want to consolidate multiple debts into one easy-to-manage loan, you could save time and money, especially if other debts have higher interest rates.
When you want to lower your interest rate as it can help you save money over the life of the loan.
When you need a cash-out refinance loan that will allow you to make home improvements, pay for college tuition, or maybe cover an unexpected expense.
When you need to shorten the term of your mortgage (for instance, from 30 years to 15 years) and thus avoid paying more interest during the life of your loan.
When you want to convert your existing loan from an adjustable rate mortgage to a fixed rate mortgage. This will provide you with fixed monthly payments that will stay the same for the life of the loan.
When you need to convert multiple mortgages into one mortgage as this can simplify your payment and potentially save you money.