Once you make the decision to refinance your current mortgage you should shop around for the lowest interest rate possible.  Your interest rate can make a huge difference in your expendable income over time.  For instance if you take a $100,000 mortgage loan for 30 years at 10% your payment would be $877.57 per month not including any escrow money required by your lender for property taxes, home owners insurance or mortgage insurance.  If you take the same $100,000 loan for 30 years at 6% your payments would be $599.55 per month.  Over 30 years the lower interest rate would wind up saving you $100,087.20 in interest alone.  If you put that extra money away every month into a 4% savings you would have a healthy retirement account of around $187, 112.69 by the end of the 30 year period.  This is in a 4% savings without any risks.  If you put the money into more aggressive investments you could yield much larger returns.

This is why finding a low interest rate is so important for anyone refinancing a home to consider.  A small percentage difference in interest rates can make a huge difference over time.  The good news is that since you are refinancing your mortgage loan you are probably in a better situation to get a lower interest rate.  Because of all the time you spent paying your current mortgage loan you credit score goes up and with better credit and a good payment history you should be able to refinance into a mortgage loan that will save you money.