The interest rate is not the only thing that should be taken into account when thinking about refinancing.

You apply for a loan with similar rates, but longer periods of repayment, so the monthly payments will be significantly reduced.

These costs can run into the thousands of dollars and can make the difference between being able to pay the refinancing process and can not afford it.

If you paid on a mortgage of 30 years since a few years, you may start another 30-year mortgage.

As a result, you will be advised to opt for refinance loan with the right mortgage refinance rate. If the rate of refinancing loan interest is not less than the existing loan, it is only an option for people who are really in need of money.
This may not be easy to do, especially if your credit rating is not at all good.