If you have bad credit, find a lender who is willing to work with you and offer you reasonable loan terms.
Refinacing your mortgage can allow you to take cash out of the equity which you have built in your home. You can pay off your higher interest debts and pay all of your debts at a lower interest rate. This will allow you to save money on a monthly basis and achieve your financial security.
Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
When refinancing, don't take the first offer that comes around. Instead you should actively compare both interest rates and lenders.
Know your credit score before you begin looking for a loan. If you can, try to remove any blemishes from your credit report before applying for a refinance.