If you are planning to remain in this home, refinancing can be an option. Evaluate the cost of the refinance against the length of time you plan to remain in the home. If you plan to sell in the next year or two, this may not be the best approach.
If you are planning to pull out equity, this may not be your best move. Appraisals for refinance may be higher than market value. The challenge is to keep as much equity intact as possible to prevent "over-borrowing" and owing more than the home is worth in the next year or two. This includes obtaining "Lines of Credit."
Too often real estate agents find that owners are faced with "out of pocket" expenses if it becomes necessary to sell before equity has been rebuilt. As with any credit purchase, your real estate is not a bank or a source of instant cash. Real estate is a long term investment with troughs and peaks of value.
Consult with a real estate professional with market expertise BEFORE you refinance.