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When considering whether or not to refinance, you must first decide what your financial goal is.  Obtaining a lower rate is the most common reason for refinancing.  You may also wish to take the equity you have built as cash to pay off debt not related to the property.  Below are some of the reasons you may consider as a reason to refinance your current loan.  Under most circumstances, some equity in the home is required in order to refinance.  The amount of equity required, if any, depends on the loan program you qualify for.

Lower Rate.  Lowering the interest rate is a great reason to refinance, lowering your rate may reduce your monthly mortgage payment

Arm To Fixed.  If you would prefer to fix your rate rather than the uncertainty of an adjustable rate mortgage, you can refinance your adjustable-rate loan into a fixed-rate loan. 

Take Equity Out Of Your Home.  You can refinance and take the equity out for your home to pay off other debts or pay for other large purchases.  You may consider refinancing if you want to buy a second home, pay college tuition or make home improvements. 

Consolidate.  Refinancing to consolidate your debts