For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate.

Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.

Consolidate Debts and free up cash
Refinance to repair your credit to get a better rate eventually
Get a Home Equity Loan to pay out high interest credit cards
Refinance your mortgage to get a lower interest rate
Get a second mortgage and keep your lower rate first mortgage
Home improvement mortgage to increase the comfort and value of your home
Spousal buyout during a separation
Pay property tax arrears.