By Marcie Geffner - HSH.com
If you're like many other homeowners, you might have at least two compelling reasons to refinance your mortgage: To lower your interest rate and to slash your monthly payment. But despite those benefits, you still might not be in a position to refinance.
Mortgage specialist Joe Metzler at Mortgages Unlimited in St. Paul, Minn., says he gets calls every day from people who are convinced they can refinance, but turn out to be misinformed about loan programs or overconfident about their ability to qualify for a new loan. He tells them "the big bold lettering looks awesome, but the details are in the small print."
In other cases, you may qualify for a refinance, but still decide not to do so.