 TITLE: How to Save Money as a Homeowner CONTENT: Consider Refinancing\n--------------------\nRefinancing your mortgage involves getting a new loan to pay off your original mortgage loan. Doing so may let you reduce the interest rate on your mortgage or drop your monthly payment by stretching out the repayment period. You may also refinance to get rid of the requirement for mortgage insurance, or to convert your adjustable-rate mortgage to a fixed-rate loan.\nSo, how do you decide whether refinancing is right for you?\nIf you have good or excellent credit, you could take advantage of historically low interest rates and refinance your mortgage, which can lead to lower monthly payments and thousands of dollars in savings over time.\nKeep in mind, however, that refinancing may come with thousands of dollars in fees, which may partially offset savings you could realize from a lower interest rate or lower monthly payments (though you'll likely save significantly more over the long haul if you stay in your home). In addition, if you pick a lower-interest refinancing deal with a repayment period that's shorter than the one you have now, you may have higher monthly payments.\nUltimately, you may decide to go ahead with refinancing if you run the numbers and see that you'll save enough on your monthly payments to break even on your refinancing costs in just a few years. If you go ahead with refinancing, be sure to shop around for the lender offering the best rates, terms, fees and customer service. END