best place to refinance mortgage 

Refinancing your mortgage is always tempting when rates are low. But will it actually save you money? Here’s how to find out.

When you have a mortgage, you’ve committed to pay your lender a specified interest rate — or a variable interest rate — for a period of time. The only way this rate or period can change is by refinancing.

When interest rates go down, refinancing can mean essentially trading your higher-interest mortgage for a less expensive one. If you get a huge raise at work, refinancing can allow you to pay your mortgage off in 15 years instead of 30.

Sounds great, right? It is, sometimes. But, in certain situations, you may not save money by refinancing. In others, it may actually end up costing you a lot.

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