Loans and the stuff nobody tells you
In addition, if the interest rates on your new mortgage loan is higher, you could end up paying the loan off longer than you intend on staying on in the home. When applying for mortgage refinancing, you should consider factors such as how much saving you can expect each month, as well as what refinancing will actually cost you. To estimate whether or not it's worth it to refinance, simply multiply your monthly savings by the number of months you plan to stay in you home. Then subtract the total costs and fees that you paid for the new loan. If the result comes out less than zero, it means that you will actually be losing money with refinancing.