Interest rates have gone down
It's important to pay attention to where current interest rates are compared to your rate. A lower rate could mean a lower payment, less interest paid over time or both!
Your credit score has gone up
If your credit score has gone up that can mean that you may be able to get a lower rate on your loan.
You need to lower your monthly payment
Even if rates haven't gone down, you can Often times lower your monthly payment by refinancing your loan. Be aware that refinancing to a higher rate may lower your payment but will most likely cause you to pay more over the course of the loan.
Get rid of mortgage insurance
If you have at least 80% equity in your home and refinance for no more than that amount you can get rid of your mortgage insurance payment. Leaving the mortgage insurance payment behind is a great way to lower your payment and save money.