Contact a mortgage broker. If the value of your home has declined as have the values of most homes in the country, your equity may be less than you think. Assuming that you have another job, a mortgage broker may be able to help you refinance. However, you may wind up with a higher interest rate and higher monthly payments. Refinancing that soon after purchase usually does not work well. A lot depends on your current mortgage and what is available in the market. Refinancing involves costs such as appraisal, document fees, points, and others, so it may be too expensive.