Simply to pay less each month if you're short on funds, or to put your money to work elsewhere, such as in another investment. (thetruthaboutmortgage.com)
The first is on an immediate cash - flow basis: including tax implications, would you be paying less month by month after refinancing than before? (shoprate.com)
First, it means you're paying less every month overall, which will allow you to pay down a bit faster, in general. (titleloans-missouri.com)