Refinance, and more
When you refinance, your goal is a lower interest rate (at least two points lower than your current rate, and ideally much lower), and probably a longer term. Be careful when negotiating a longer term for your home mortgage. Because of interest compounding, adding time to the term will not decrease the monthly payment proportionately. If you refinance to a $100,000 home mortgage with a 15 year term at a 5% interest rate, your monthly payment will be $788. Increasing the term to 30 years decreases the monthly payment by only $252 and more than doubles the total amount of interest you will pay.