Are you facing a potential rate increase on your adjustable-rate mortgage?  If so, refinancing can help you avoid higher payments. 

Refinancing with a fixed-rate mortgage
If you plan to stay in your home for the long term and never want to worry about rising interest rates, replacing your ARM with a fixed-rate mortgage may be a smart move.  With an interest rate that never changes, a fixed-rate loan gives you predictable payments throughout the loan term. 

Refinancing with another ARM
If you plan to move within the next several years, you may want to consider replacing your current ARM with a new one.  In most cases an ARM will start off with a lower interest rate than what you'd get on a fixed-rate loan, and that rate can stay fixed for anywhere from three months to 10 years.  Depending on how long you intend to stay in your home, you can choose an ARM that isn't scheduled to adjust until after you plan to move.