One of the most important costs associated with a mortgage is the interest rate. You can have access to extra cash, while simultaneously lowering your monthly mortgage payment with second mortgage refinance rates. If you have less than ideal credit, you may find that interest rates are elevated for you than the lender advertises. While certain factors, like your credit rating and the amount of the down fee that you were able to pay for, prejudiced your interest rate, the single most important factor was the general rates at that time. By refinancing your mortgage when interest rates are lower, you can get a higher interest rate for a lower one, which will lower your monthly payment. When interest rates are low, adjustable rate mortgages (ARMs) can prove to be very beneficial. If, however, you've achieved a stable position financially and know that you'll be staying in your home for several years, it may be favorable to substitute that fluctuating adjustable rate for a fixed one.