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OKLAHOMA CITY -- When considering refinancing your home there are a few things you need to consider.

First, consider how much the refinance will cost. Find out what the fees will be before you decide to apply. Next figure out how much you will save each month by refinancing. Also compare the loan fees versus what you might save to make sure the refinancing is a good deal.

Second, consider long-term plans. One of the ways to determine whether refinancing is a good idea is to consider how long you plan to stay in the current home. The refinancing must not only pay for itself but it must also provide some saving in order to worthwhile.

Third, be cautious about extending the loan. It is true that if you have 20 years left to pay on a $200,000 mortgage, you can lower your monthly payments by taking out a new 30 year loan, even if your rates stays the same. However, while you will have more money in your pocket, you will actually lose money over time because you will be paying more interest over the long term.

Last, use online mortgage calculators to compare different rates and loan terms