With the current low interest rates the time is now to refinance.  You have to consider the loan fees so it is not always in your favor to refinance.  In most cases there will need to be some calculation before going forward.  In some cases you can shorten the length of your current loan while keeping the current payment.  That would be a win in my opinion.  I can remember the nine percent home loans of the eighties.  I wish there was a three percent option.  In the April 2015 interview I demonstrated how easy a refinance can be. Go and see if you too can save money by refinancing.