HomeFigure out what you are exactly saving with a proper refinance. If the savings are only a few dollars per month, perhaps you should cut minor costs elsewhere in your life and around the home as opposed to refinancing. This way, you would avoid closing costs and other related fees when refinancing. Refinancing to save $37 dollars a month just is not worth the time, hassle, risk, or closing costs.
Instead of just diving right into a mortgage refinance, closely examine your expenses and see if it is possible to reduce costs elsewhere to make the mortgage payment on time every month. See if you can simplify your budget and where costs can be cut before dealing with the costs of refinancing a home mortgage.
If finances have been tight and as a result a mortgage payment or two have been late, or completely missed, check your credit rating to see how it has been affected. Generally, late mortgage payments may not be on your credit score while missed ones almost always will be reported. If your credit rating has suffered, refinancing your home may not be a money saving thing to do.
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