Does your mortgage have a pre-payment penalty?

When evaluating options of refinancing, don't forget to check out whether your current mortgage has a early payment fee, or a pre-payment penalty.

It very well may. if it does, you need to calculate that amount into the costs of your new loan before you decide it is worth it.

of course this will also depend on why you are refinancing - if you are doing it for the lower interest rate then you should take this into account. if you are doing it for other reasons, this might not be relevant.