The decision to refinance is not as simple as some think. They may think that it is just adding some numbers together and finding out a figure from there. There are many other determining factors when it comes to getting a mortgage or not.  You have to think about how long you are going to own your home and what the closing costs are involved. You will want to consider all of these things so that you are able to better understand if this is a good time for you or not. 

When you are playing around with the idea of whether to refinance or not, you should use these three things to help you with your decision.

* think about the tax payments that you will have on the old and the new mortgages.  This can help you decide if the refinance is going to help you or hurt you.
* Payback period for the new loan and all the closing costs that are involved. 
* You want to also calculate all of the after tax interest and cost of both loans over the lifetime of the loan

Saving money is the main goal of doing a mortgage refinance. You will want to save as much as you can so that you are able to make the payments on your home easier and better for you to pay it down as the time goes by. You will want to use all the above things to come to your decision on what you should do and when the time is right to refinance.  You will have a easier time and you will feel more comfortable with your chioce in the long run.