You will need to ensure that the rates for the mortgagees refinancing is possible for you.

A fixed rate allows you to work around your budget, because there will be no sudden adjustments when interest increase or decrease.

If your credit score is below 600, you are considered high risk, therefore, not good material on loan.

But be aware that it is more expensive to take cash out, compared to obtaining a mortgage refinance.
Discount points are available to you and how can they affect the cost of your mortgage?. When you apply for a mortgage refinance rates online to several lenders within a few days.
By refinancing you can also put you in a better financial situation in 3 different ways.