One of the things to keep in mind with refinancing is that depending on how long ago you purchased or refinanced your property, you may be due some credit from the expenses you paid at your last closing towards the costs of refinancing. There are other expenses you may not have to incur, such as a survey, or can be discounted depending again on your individual situation. Remember that there’s no free lunch, and there’s no free loan. Even when you see loans advertised as having “no closing costs”, you are paying for it somewhere, whether you see it or not. These types of loans typically carry a higher interest rate that makes up for the fact that you are not paying closing costs out of your pocket, per se. Everyone’s situation is different, so always explore your options.
There are lots of programs, ideas and schemes out there to entice you to refinance, some of which may be beneficial and some of which may look good at the onset, and become nightmarish later. As you know, it doesn’t make sense to refinance unless it truly benefits your situation. If you have any doubt, go and sit down with a good loan officer and go over the numbers.