There is much more than a lower rate and payment to determine whether to refinance a mortgage. Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required.
The closing costs associated with a new loan could add several thousand dollars to your mortgage balance. The following suggestions may help you to reduce the expense to refinance.
· Tell the lender up-front that you want to have the loan quoted with minimal closing costs.
· Check with your existing lender to see if the rate and closing costs might be cheaper.
· Shop around with other lenders and compare rate and closing costs.
· If you're refinancing an FHA or VA loan, consider the…