Refinancing makes sound financial sense for a lot of people, and there are a lot of benefits to it; from a lower interest rate to a rate change in a shorter term. Refinancing involves replacing an existing loan with a new loan, in effect replacing the debt with a new one.
The new loan usually has better terms which makes the process worthwhile. In this sense, based on your need you can either increase the payoff duration to pay smaller every month or you can just negotiate for the lower interest rate on the existing loan amount.