How much are you borrowing? If you're only going to need $8,000-$10,000 then most lenders won't do a refinance because it'll cost you half as much in fees, which would make it "predatory lending". If you are going to need about $20,000+ and can get a lower rate and lower your monthly payment, then by all means you should refinance. You also need to make sure you have enough equity built up in the property. A conventional refinance will only let you take up to 80% loan to value. So just look at your situation and talk to a lender and they should point you in the right direction as long as they're not shady.