In summary, there are times when it does, and other times when it does not turn out to be a good idea to refinance your home. The various elements impacting your decision will revolve around several things. These include the amount of time that you plan to stay in your home, how much equity value your home possesses, and whether or not the lower payments which result from refinancing your home are greater than the fees, closing costs, etc. This is a complicated matter best analyzed alongside a good mortgage company, who will be able to explain all of the particulars relevant to your individual situation.