A Consumer’s Guide to Mortgage Refinancing prepared by The Federal Reserve Board and the Office of Thrift Supervision, says refinancing can be a good idea for homeowners who:
• want to get out of a high interest rate loan to take advantage of lower rates.
• have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the payments will be for the life of the loan.
• want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.
• want to build up equity more quickly by converting to a loan with a shorter term.

Prospective borrowers looking for refinancing can take advantage of sites like http://www.badcreditmortgagerefinancingnow.com that offer helpful information and a free, no-obligation quote.