Most of the time, a regular fixed rate home mortgage has a penalty clause that happens when a loan is paid off too early, or too much is paid before is due. There are also closing fees that can amount to a large sum of money, added on to your loan, and therefore financed for up to 30 years. People tend to forget the associated costs of refinancing and only see the loan rate % numbers. You must include all costs, and associated costs (how much interest would build up on a $1000 refinance fee, at 5% over 30 years!). Although, right now is most likely the greatest time ever to refinance your home, condo, business, mobile, manufactured home. Rates have never been lower.
-M Petrone
Refinancingcondo.com

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