You can refinance and get a secure loan to pay off a first loan on a piece of real estate and in some situations a vehicle.
A good idea can be to take your 30 year mortgage and change it for a 15 year mortgage.
If the interest rate is low enough, you can refinance the property, and come out with a large amount of cash in hand, and have the same payment each month as you had before.
Adjustable Rate Mortgages (ARM) can be a nightmare if the rate jumps up and your payments are nowhere near what you wanted to get into when you signed on the dotted line for the loan.
Some folks take an ARM because they were stuck in a situation where they had little option at the time.
The good thing here is that your mortgage will be stable.
You will know where you stand that way.
The best point here is that you can get extra money to pay the bills.