Your mortgage can generate significant interest savings, but it costs money up front. Finding out whether mortgage financing makes sense for you is your first step.

We are in a constantly changing market. With a 787 billion dollar stimulus package that passed Friday, the interest rates have dropped considerably. I know that it is very hard to pass up an opportunity to reduce your mortgage payment, and who doesn't want to pay less anyways. Keep in mind a few factors: how long you plan to own the home (longevity); is paying the necessary dollars up front worth it?

 I have refinanced myself and learned that it's not always the best decision. Also, if you do decide to refinance, shop around. It's a terrible feeling knowing that you could have had a better deal after the paperwork has gone through. Sad

Adam