Be careful if choosing a mortgage based only on its stated annual percentage rate (APR), because there are a variety of other important variables to consider, such as:

The term of the mortgage -- This is connected with the amount of time it will take you to pay off the loan's principal and interest

The variability of the interest rate – We have got two basic types of mortgages: the ones with "fixed" (i.e., unchanging) interest rates and those with variable rates, which can change after a predetermined amount of time has passed, such as one year or five years

Points – These are fees that you pay to a lender or broker when you close the deal

Remember about current lender who may make it easier and cheaper to refinance than another lender would!

Briefly speaking:
• The decision to refinance should only be made if the long-term savings outweigh the initial expenses.
• Select a new mortgage carefully
• Assess the term of the loan, whether the interest rate is fixed or variable, and the relative merits of paying up-front fees in exchange for a lower rate.
• Your current lender already knows you and has your financial information on file so don`t go to another one!
• Ask a lot of questions.

Don`t forget to:
• conduct a detailed cost assessment.
• Don`t sign anything before reading.Haste makes waste!