Gather the following information.

Original Loan Amount
Original Term in Years
Years Already Paid
Balloon Year (zero if none)
Interest Rate

New Loan: Term in Years
Balloon Year (zero if none)
Discount Points
Origination Fee
Other Loan Costs
Interest Rate

Your Property's Appraised Value
Yearly Property Taxes
Yearly Homeowner's Insurance

Your Savings Rate
Your State + Federal Tax Rate
Years Before You Sell

Now, go to MortgageExpo.com and use the Mortgage Tools Calculator to determine whether refinancing is the best option for you at this time.You can input all the information and it will give you a customized report detailing your estimated savings.

You also want to get the best rate with the lowest upfront fees anywhere in the country-it's a national market for mortgages. You can search for that at a website like Bankrate.com.

One kind of mortgage that automatically refinances for you that I have done personally is called the Automatic Rate Cut (ARC) loan. Every 120 days your rate falls if mortgage rates have dropped by a quarter point or more, with no closing costs or points. When rates rise, it doesn't affect you. You can also find out more about them at 1-888-ARC-LOAN.

Jordan E. Goodman is America's Money Answers Man. He is a regular contributor to Public Radio International's  The Marketplace Morning Report and appears frequently on NBC's The Today Show, PBS, MSNBC, CNN, CNBC, and Nightline. For 18 years, Mr. Goodman was on the editorial staff of Money magazine, where he served as Wall Street correspondent, in addition to his role as weekly financial analyst on NBC News at Sunrise for 9 years.

He is the author of Everyone's Money Book (over 200,000 copies sold) with 6 special focus editions on College, Credit, Financial Planning, Real Estate, Retirement Planning and Stocks, Bonds and Mutual Funds and the co-author of Barron's Dictionary of Finance and Investment Terms.
His website MoneyAnswers.com is full of resources, tips and strategies you can use to build a solid financial future.