Shop around:

worth looking into,” said Greg McBride, chief financial analyst at Bankrate.

Next, ensure that savings on your principal and interest payment aren’t outweighed by the charges and fees involved in obtaining a new mortgage.

Get quotes from several banks and ask that they put their offers in writing, including an estimate for closing costs and any extras, like loan points paid to lower the interest rate even further. Lenders typically charge fees for the mortgage broker’s services, credit reports, a home appraisal and title insurance.

Estimate how long you will have to stay in the house to recoup those expenses with your monthly savings.

Divide the estimated costs by the projected annual interest savings.