To refinance or not to refinance? Don't answer that question yet. You need to figure out a few things first, namely what kind of money will you save refinancing your home.

* How long do you plan to own your home? It makes a difference, because the costs to refinance may be more than your savings from lower interest rates, if you don't plan to stay long.
* How many years will it take to pay off your current mortgage? If you are near the end of your loan, it may not be worth it to refinance.
* Will I go into debt with the refinancing costs?

Take a hard look at the costs and savings before choosing a refinance loan.

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