Don't just buy into that refinancing is a good deal for you! It may lower your monthly payment but......

Think about this: If they say you are going to save $50 a month, ask what the cost is to do the refinance. They will tell you we can do it with no out of pocket expense for you. We will just finance your cost into your mortgage.  It will cost on average $3200 to refinance. Now you are paying on $3200 for 30 years. Lets say you had paid your mortgage for 3 years, so you are down to 27 years left now your back to 30 years. You added 3 years and at least $3200 onto your mortgage. What have you gained?

If you go to sell in a few years that additional $3200 will hurt you. You would have to stay in that home for several years to save the difference on what it cost you to refinance. Banks make money off you refinancing!!