Make sure you check with your current lender if there are any pre-payment fees.

When you think about refinancing, you need to think short term and long term and if you only look at one or the other, you could find yourself in trouble.

The important thing is that you do the math and make sure you do not pay more than you absolutely need for the refinancing process.

If you have a variable rate mortgage to start with knowing what to look for is a little more difficult.

Depending on the interest rate of your current mortgage, and how much time you have paid off, there could be a huge reduction in monthly payments to have.

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Reduced rate does not mean that you will pay lower monthly payments with a California refinance or new mortgage.