Great inputs here, Lise! 

Very smart and informative post Lise Howe. Another thing to do but takes a little work is to determine the remaining total interest to be paid on your existing mortgage remaining amortization and compare that to the total interest to be paid on the amortization schedule on the new mortgage. When you pay a mortgage one pays a lot more interest in the early years compared ot the later years. So if one is 15 years into a mortgage with 15 to go at higher interest rate, it might still be better to hang on for the remaining 15 than to start a new mortgage at the lower interest rate...look at the total interest remaining for both scenarios. Jeff  😎

Morning Lise.

I believe my interest rate is around 4%.  However, I am not going to refinance, just not going to happen, besides I'll have mine payed off shortly

This is great advice for anyone that is thinking about refinancing and a trusted lender will definitely do what is right for the consumer.

Excellent post, Lise. And having worked with any number of investor buers, I know first-hand how much more complicated (and expensive) those loans can be.

It's been years for us since we paid a mortgage but with rates low it has merit. The comment by Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI   has a lot of merit as well.

Hi Lise Howe - I relate to those high rates.  I once had an adjustable rate that was "bought down" by th builder.  I was lucky too but I dread adjustable rates.

This is good advice to share. 

Take care, be safe and have a lovely weekend.

Hello Lise and excellent subjects and what home owners need to see and know what to expect.

Lise, so many have refinanced and pulled money out as well, keeping their payments similar, yet owing more on their home.  You offer great information to anyone thinking of refinancing!  

Hey there Lise Howe I remember those higher rates. I actually got sellers to pay for 2-1 buydowns and even a 3-2-1 buydown

I love this Lise. I think there are some who want to refinance but all they think about is the lower rate and forget about closing costs. 

Lise refinances are not a one size fits all.  There are many reasons why someone refinances, and the trick is to get the proper advice.

Good morning Lise. Thanks for the reminders. Many have their own reasons for seeking to refinance, Enjoy your day!

Lots of great information about refinancing in this post. A $5,000 appraisal! Yikes.

Great information.  Thanks for sharing and have a wonderful day!

Good afternoon Lise Howe,

I'm so glad that Kathy Streib featured your post in her "Ah-ha" moments for the week as I missed this one. Great informations to share on refinancing.

You are a smart cookie. Thanks for sharing this advice, Lise. So happy Kathy included this in her weekly posts. D

Thanks for making this! Great post! 

Good Morning Lise Howe 

This is a great blog post for those refinancing or considering refinancing their mortgages at the lower interest rates.

Very wise words and a great post to bookmark and share. Thank you.

Great information for those thinking about refinancing. I've thoughtabout  it myself. Have not followed thru. I do suggest talking to a lender for personal details on each mortgage. Now is a great time for some homeowners to refinance.

Great post! Thanks Lise. I always share with my clients if they can lower their monthly payments, recover all their closing costs in 12 months or less and reduce their loan term  - it's a no brainer. 

Very smart advice!   I hope that everyone takes advantage of these low rates. 

Great advice i have heard too many tales of people going upsidedown in refinancing.