If you are experiencing temporary financial troubles, you can refinance from a longer-term mortgage to a shorter term interest only or option arm mortgage.

If you have paid off a large portion of your original loan amount, and your loan is a fully amortized loan. You can reduce your monthly mortgage payment by refinancing, even if you do not get a lower interest rate.

You can also refinance into a pay option ARM program. This will allow you to have the lowest possible monthly payment and will also give you financial flexibility you are looking for.