 TITLE: How to Decide Whether a Mortgage Refinance Is a Good Idea CONTENT: How Will You Know if Refinancing Is Worth It?\n---------------------------------------------\nSince refinancing can change your overall cost or how long it takes to repay your loan, you need to understand exactly what your mortgage will look like once the process is done.\n*   If it's money savings you're after, find out how long it'll take you to break even on your refinancing fees (closing costs) that could cost 2% to 6% of the loan amount.\n*   If you're refinancing to reduce the repayment term, calculate how much your new monthly payment will be and how long you'll be paying it.\n*   If you're doing a cash-out refinance so you can make a purchase or pay off debt, do the math to see if a refinance makes more sense than the alternatives such a credit card or debt consolidation loan.\nTaking the time to determine your costs or savings will help you see if refinancing is worth it. When you lay it all out, you may ultimately find that a refinance isn't worth the effort. END