REFINANCING - How to Make It Work

If you have decided that refinancing makes sense for you, follow these tips to make sure you do it wisely:
1. Shop around for interest rates. The Internet is a good place to comparison shop, but be wary of unknown companies.
2. Hold the line on closing costs. Some lenders are taking advantage of low interest rates to jack up their closing costs.

3. Start with the bank that currently holds your mortgage. They may give you a good deal just to keep your business.
4. Avoid paying points. When you refinance, you can deduct only a portion of the points each year.
5. Don’t try to outsmart the market and wait for interest rates to hit their low point. If the numbers make sense, jump in!