subject: How You Can Benefit From Refinancing [print this page] Although there are many benefits of refinancing, you should always remember that a refinance is the right option only when the monetary value of the benefits outweighs the cost involved. You would have to pay a prepayment penalty to the existing lender, the property will have to be reappraised, there could be closing costs and legal costs etc. You can take the help of a financial advisor or a mortgage broker to understand the full impact of these costs before you choose to refinance.
