The average length of mortgages in the United States is 30 years. Sometimes the terms that appealed to a homeowner when they initially got the loan don't seem so appealing at a different stage in their life. Homeowners may want to look into refinancing. When homeowners refinance, they apply for a new loan with better terms. The process costs money, but it can lead to serious savings. Read more to determine if you should refinance your home.