Should you refinance your mortgage?

How to know when its time to refinance your home mortgage
It seems like every time we turn on the radio, TV or go on the internet, the mortgage ads are there. Telling you that you must refinance your mortgage now, or lose money forever. All of the hype makes it difficult to know the facts about refinancing.
Only Refinance if there is a Tangible Benefit to You
If you don’t take anything else away from this article, take this away; The only time you should refinance is if there is a tangible benefit to you. This may sound obvious, but it’s not always so clear. Some loan officers have made evasive language and confusing numbers into almost an art form.
The Main Reasons for Refinancing
Before you refinance, decide what the main benefit you’re hoping to get is. The main reasons for refinancing are:

• Lowering your monthly payments
• Lowering your interest rate
• Shortening the term of your loan
• Getting cash-out
• Rolling-in debts
• Paying down the mortgage
• Switching to a more (or less) conservative mortgage program
• Shop for the Best Deal

Once you have narrowed down your main benefit, start shopping. You can check the Internet for an idea of where rates are, but be careful about buying into the hype. Be sure the rates and fees quoted to you are the same ones you’ll see at the closing table. If not, walk away. (Often, Internet mortgage companies will tell you they have low overhead, so they can keep rates and fees low. The truth is, they still need all of the same processing and closing staff as conventional mortgage companies, plus additional Internet and design fees.)
Research your Lenders
Spend some time researching the lenders you want to do business with. Make sure they share your ideals and are looking out for your best interests. It will be worth your while in the long run!