This article claims that everyone MUST refinance their home asap to save hundreds of dollars a month:
What they don’t tell you is that you will likely spend thousands of dollars in closing costs to refinance. This fee will be amortized over the period of the loan so its not a whole lot to spread over a 30 year term, but it could take you many years to recoup that fee at only a few hundred dollars a month savings. The math is simple so do your homework… it might be worth the cost of refinancing if you can pay for there refi in under a year, but most likely it will be several years to offset the cost. Maybe try driving for Uber a few days a month if you need extra money?
TL;DR – Spend $4000 to refinance over 30 years to save $100 a month? No thanks.