Look at fees and time as well as the new rate.
The essentials
Refinancing replaces an existing mortgage with another loan. A lower payment may come from a better rate, a longer term, or both. That distinction matters because extending repayment can increase total interest even when the monthly bill falls. Begin with the full cost of changing loans.
Put it into practice
Estimate how long the monthly savings would take to recover upfront costs, while remembering that a simple break-even calculation does not capture every difference. Compare remaining total repayments and early repayment charges. Think about how long you expect to keep the property. Ask for a written illustration using your actual outstanding balance.
Before you decide
Use this guide as a starting point for your own questions. Check the current terms in your documents and the rules where you live. Keep a short written record of the options you compare, the details you still need, and your next step.
This is general educational information, not personal financial, insurance, tax, or legal advice.