We are on 2 years ARM of house mortgage and want to refinace.?

Our 2 years ARM house loan is coming up on next July and we plan to refinance our house loan. We plan to get a loan thru wellsfargo. What should we do? Will we need to pay lots of penalty for our current mortgage or should we wait till next July?
I need to add more details about our situation. My husband bought this house last year before we got married. He didnt have good credits back then and I was not involved with this. His credits has improved and my credits are almost perfect. Well, the interest rate he has is 9.5% which is high so we want to get out of this asap. Should we wait till our 2-year ARM expires then get a fixed rate loan thru the bank first or should we do it before it expires? Is it going to be a penalty if we drop this mortgage now?

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