with the rates dropping as they are, they keep mentioning this might be a good time to refinance homes. If there are any sajhaites that know a bit about refinancing, please share your words of wisdom. In a nutshell, what types of costs does a refinancing bring, and at what point spread( current mortgage rate vs refinanced rate) does it make financial sense? I read an article suggesting not to even consider refinancing unless the spread was 100bps (1%), but I am sure that is only scratching the tip of the iceberg.

And please respect the sanctityof this thread and only post sincere replies. Many thanks!