People are constantly looking at refinancing a mortgage.  This might be an attractive option if you plan on paying a mortgage for 15+ years.  The problem is for people that are under 10 years away from paying off their mortgage.  For the latter case it might not always be worth it.  You need to do your due diligence.

With 5 year arms below 3% it is very tempting to think about refinancing.  Just remember re-financing also can involve a lot of fees.  This is why it is usually only worth it in the long run because it is only with time that those fees are saved through a lower payment.

There is however an easy way to accelerate payments and reduce interest.  The best way to reduce your home mortgage quickly is to participate in a 26 Payment Plan. Usually these plans are free and offered by all mortgage companies. In this plan instead of paying your mortgage once a month you will pay half the amount every 2 weeks. Since you are paying every 2 weeks you will end up making 1 extra monthly payment per year or 26 payments (13 monthly payments) per year.   By paying every 2 weeks interest does not build up all month long since you are paying more frequently.

I know that paying 1 extra payment per year can be difficult but the upside is that it will generally take 7.5 years off a 30 year fixed mortgage. If you use a mortgage calculator you will see that it will save you 10,000s of dollars.