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Measure the benefit of refinancing by comparing the reduction in monthly payment with the cost to refinance.
Shop your existing lender first, rather than last.
Refinance periodically as a way to raise cash.
Measure the cost of a cash-out refinance with the APR.
Refinance into a biweekly at a higher interest rate for the purpose of reducing total interest payments.
Taking a cash-out refinance with the cash going to another lender who provides a lower-rate mortgage and assumes responsibility for the cash-out refinance.
Assume that a refinance is a good deal if it results in significant savings over your existing mortgage.
View refinance and prepayment as alternatives.
Refinance without taking advantage of the 3-day right of rescission to ask yourself if the deal will really leave you better off.
Respond to a solicitation for a 1.25% mortgage.
Rely on a mortgage broker or loan officer for advice on whether to select a second mortgage or a cash-out refinance.
