If you're looking to lower your current interest rate, consolidate debt or obtain cash from your equity, it may be a good idea to refinance
One of the reasons that owning property is considered a good investment is because paying down a mortgage helps build equity. But you don’t have to wait to finish paying off your mortgage or sell your home to access your equity. You can convert that equity into cash and continue paying off your mortgage with cash-out refinancing.
Potentially save hundreds -- even thousands -- with a lower rate and also be able to eliminate costly private mortgage insurance (PMI)