Mortgage refinancing costs could slash any rate savings

Beware the fees and penalties!

Sometimes it makes sense to refinance a mortgage – and it’s tempting if your rate is higher than prevailing rates – but mostly it doesn’t. It would make sense only if you have a longer-term mortgage at an interest rate considerably higher than what’s on offer at current low rates. It all boils down to the math, and like it or not, you’ll have to do some number-crunching to determine whether refinancing makes sense for you. READ MORE