US Mortgage Refinance Myths to Know

Shopping around matters: pull at least 3 same-day quotes, then compare APRs, not just rates, to see lender fees and strengthen your negotiating leverage.
Refinancing is not free. Closing costs usually run 2% to 5% of the new loan, so calculate your break-even point before moving forward.
A lower rate alone does not guarantee savings. Refinancing into a fresh 30-yr loan can reset the clock and increase total interest paid.
Refinancing swaps your primary lien for a new one, so it should not complicate a future sale. Cash-out options require extra caution.
Expect a credit check. Strong credit and DTI under 36% help secure top offers, and borrowers denied before can often improve and reapply.