If you own a home, you have probably received junk mail claiming to be able to save you $100 $500 or even $1,000 a month on your mortgage payments by refinancing your home mortgage. Many of these letters are practically a scam. What they don't tell you in the letter is that they will be charging you 2% to 6% of your mortgage value in "closing cost" which will be added to your debt to the bank. They also don't explain to you that often times to get the advertised interest rate, you need to buy "points" which have an upfront cost that is once again added to your mortgage debt. Sometimes it does make sense to refinance in order to lock in lower interest and to determine that, you need to do a breakeven analysis on your new interest rate.

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