Consider refinancing your mortgage if you can get a rate that is lower than your existing mortgage rate and you plan to keep the new mortgage long enough to recover the upfront costs of obtaining a new loan (e.g., application fee, points, etc.). "Do the math" yourself, or ask an accountant to assist you, and calculate precisely how much your new mortgage (including points, fees, and closing costs) will cost and whether, in the long run, it will cost less than your current mortgage. For example, if your closing costs are $3,000 and you save $50 (after taxes) in monthly interest by refinancing, it will take 60 months (five years) to break even ($3,000 divided by $50).
Web Resource:
http://www.pueblo.gsa.gov/cic_text/housing/best-mortgage/mortb_1.htm
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