You need to look at the different loans available when you want to refinance.
You may get a lower rate can, a lower amount, rebuild your credit, or get cash back at closing.
By the 80/20 escape private mortgage insurance that can add dollars to your regular mortgage encumbrance.

Keep in mind that the lender offering the lowest interest rate may not necessarily be the best option of mortgage refinancing.

cash-out refinancing leaves you with money above the amount required to pay off your mortgage, closing costs, points, and all existing mortgage liens.

Such a state of affairs is due to the subprime mortgage whose interest rates are touching the sky and do not reduce.