No loan is free. The costs are in your loan somewhere, maybe rolled into the amount to be refinanced or even coming at a higher interest rate.

Refinancing your mortgage usually makes sense if you can lower your interest rate by at least two points. But the most important question to ask yourself is, how long will it take you to break even?

Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.

Never assume your lender will take charge of your finance. Take a pro-active role in managing your own personal finance. It is your matter, not theirs.

Your home loan may be the largest ticket item of your life. It is therefore logical and sensible to pay the most attention to it.

The interest rates are at its lowest point now because of the economic turmoil. People in the market are going for floating housing loans because the combination of both the teaser rate and low interest rate, result in initial rates that are irresistible. I advise against you against that ...