There are many reasons why you would refinance or get a HELOC (Home Equity Line Of Credit). Some of the main reasons include getting a better interest rate, lower your monthly payment, cash out the equity of your home, and/or making home improvements/remodeling are the top reasons. If you have 20% equity in your property then you will eliminate the PMI (Private Mortgage Insurance) and can save money. Do your due diligence and research different lending institutions that have the best product for your needs.