Refinancing provides options to lower your monthly loan payment and interest rate or even borrow cash from the equity you have in your property. In many cases, you can refinance after having owned the property for more than 6 months. You’ll also want to consider whether the closing costs or any other associated costs with refinancing will be worth it. Lowering your interest rate and monthly payments is worthwhile if the added expenses of refinancing can be paid off before you’re ready to sell the home, for example.