This depends on your specific financial situation and your motivation for refinancing. The most common reasons to refinance are to reduce your rate and/or monthly payment, convert from an adjustable to a fixed rate, or pull cash out of your home’s equity to consolidate debt or improve your home. If your objective is to reduce your monthly payment, it may make sense to extend your loan back to a 30 year mortgage or get a lower rate. If you have an adjustable rate mortgage, you may want the peace of mind knowing your rate will never increase again. If your home’s value has gone up since purchasing it (home values continue to rise!), you may want to remove your mortgage insurance, access the equity in your home to consolidate debt, or simply build your emergency fund by having more cash on hand. Your licensed loan officer can help you determine whether refinancing makes sense for you.