Time to come up for air! There are options available if you're paying off a high-rate mortgage or you owe more on your house than it's worth.

The biggest expense for most people is their home. So it makes sense to frequently look for ways to lower your monthly payment in order to divert that extra money toward your other goals in life. Refinancing your existing mortgage is the surest way to lower your monthly mortgage payments.

As you analyze the best options for refinancing, keep in mind any costs that are part of the process. Those can eat away at whatever savings you plan to obtain. But if you got a mortgage several years ago that carries a high rate, you can save a significant amount of money by refinancing. In some cases, you can refinance from a high-rate 30-year mortgage to a 15-year mortgage and end up paying less per month while also paying off your mortgage in less time. That's a significant win.

Depending on your mortgage payoff schedule, you might find it beneficial to refinance to an ARM that offers the lowest available rates for 3, 5, 7 or 10 years before adjusting.