The refinancing deal looks kind of sweet in words only but in dollars and sense it might not work as words suggest. Always consult your CPA and double check the refinance numbers provided to you by mortgage companies and ask them questions if you are not seeing the deal clearly or the mortgage company do not tell you about the closing costs that will be added to your new loan.
If when you bought your home your mortgage had a high interest rate(3% or more than current refinancing interest rate) due to your credit score that was less than perfect at that time refinancing might make sense...... if like in this example you were to save up to $90 per month or less and to recover the $9000 in closing costs you will need 100 months or more than 8.33 years refinancing your home is not going to be worth it ......Some homeowners do not even plan on living in that home for 8.33 years long (due to changing to a newer home, change jobs, move out of town, downsize or selling home soon) so spending $9,000 in closing costs will not be recovered at all!.
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