Refinancing your mortgage for a lower interest can save you a large amount of interest over the life of the loan.

When you're making your decision, there are several things to keep in mind.

First, even a small rate cut can pay off quickly.

Second, if you are planning to stay in your home for three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount). By including the fees and closing costs in your new mortgage, you can avoid having to come out of pocket with that money.

Third, you can avoid a cash layout and still get a low rate by including the fees and closing costs in your new mortgage. This does not mean shouldering a lot of extra debt. If you've had your current mortgage for at least three years, you've probably reduced your balance by several thousand dollars. You may be able to include your closing costs into your new loan, lock in at a lower rate and still end up with a mortgage amount that's less than your current one. Most importantly, this means a lower monthly payment.

With our new low cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.