For those in such a situation, it's hard not to imagine what those lost hundreds and hundreds of dollars per month could be used for instead, especially in the worsening economic climate. Some may even see refinancing as a necessary step to hold onto their home.

So is refinancing the best option at the moment? Find out in the this issue of Your Mortgage magazine out on sale now.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan