If you have an adjustable rate mortgage, it is better to go for refinancing as an option. The benefits of refinancing an ARM are:1. More uniform payments: One of the flipsides of an ARM is that there is always a rise of your monthly mortgage payments rising. In this case, you may want to look for refinancing to a fixed rate mortgage to shield yourself from future rise in mortgage rates. You can also protect yourself by refinancing to another ARM with better cap limits to the extent of rise in your mortgage rate.2. Take advantage of a better credit score: If your credit score is improved after taking mortgage, you will be able to refinance to an ARM with a lower margin and save on the money. The margin is actually the amount that is added to a particular index to deduce the interest that is charged on your mortgage. This margin is somewhat based on the credit score that you have at the time, when you applied for the mortgage. A lower credit score can actually lower the margin and help you benefit from lower interest payments on the mortgage3. Debt consolidation: If you have a better portion of the mortgage payment already paid off, you can also choose refinancing to a new mortgage with a higher principal amount This can actually be good because you get the extra amount by way of cash, which can be used for debt consolidation or to make any significant purchases.4. Quicker home ownership; If you refinance to a shorter term like say to 15 year term from 30 year term, you will be able to pay off mortgage much faster and save lots of money in interest payments.