If the news about the national mortgage meltdown has you thinking that refinancing is a bad idea, think again. Interest rates for 15-year and 30-year fixed-rate loans still hover near historic lows. And although banks have tightened their restrictions, applications are still getting approved.Whether you are facing payments that you can no longer afford or you want to take advantage of these low rates, refinancing may well be on your mind. Here's how to figure out if it is right for you.
Look at the Short-Term SavingsAs with a regular mortgage, refinancing involves closing costs. Lenders are required to provide you with a good-faith estimate of those costs before closing. But it's common for a few last-minute changes to boost the overall tab. Don't forget about the prepayment penalties that may apply to your existing mortgage, particularly if you're holding an