REFINANCE

Provided you have a much higher interest rate than the current market "consider these four options" when it comes to refinancing.

OPTION ONE

Beef up your credit with all debtors, this means paying on time every time. Do not open any new cards.  Lenders look for a good trend of payment history, preferably two years on credit cards as well. The higher the score, the less risk you are in the lender eyes which will lower your monthly payment.  Sign up for credit karma and credit sesame to verify who are your actual bill collectors and dispute if any. The actual credit score on these two sites can vary 20-40 points and don't fret the scores as much.  From my personal experience do not pay off cards while you are shopping.  My score dropped 40 points once paying off a card, thankfully I was not trying to refinance or looking for credit. Look for debt to be 42-43% of annual income because interest rate can be lowered.

OPTION TWO

Fifteen or twenty year mortgage which will lower interest rate.  However depending on your status of annual income this can be an advantage or disadvantage because the monthly payment will be higher. Adjustable rate mortgages will not work provided you reside in the home for long term.

OPTION THREE 

shop local first before exploring outside lenders.  Generally credit unions have great rates and a valuable resource.  You may receive mail from many lenders asking to refinance from time to time. Shop and compare and try not to have your credit pulled until you are highly satisfied with terms from lender that meet your needs. Many will offer no payment for ninety days and tack it on the end of the loan.  Ask about closing cost and lender fees if any.  A lender wanted my loan so bad it was a perfect storm came into place for me to refinance with no payments for ninety days, no lender fees and no tacking on and additional three months at the end of loan.

OPTION FOUR 

watch the market/current affairs and know when to start the process and lock in lower rate.