Six questions to ask before refinancing your mortgage

Mortgage rates have been hitting historic rates nearly every week for a while now. According to Freddie Mac, the average rate for a 30-year fixed loan was 4.32 percent last week, and the 15-year average hit 3.83 percent.

Are you thinking about refinancing your mortgage? Are you not sure how much money you'll save if you do - or if you'll even qualify for a new loan?

Here are six questions to ask yourself before you refinance.

(istockphoto)
Mortgage rates have been hitting historic rates nearly every week for a while now. According to Freddie Mac , the average rate for a 30-year fixed loan was 4.32 percent last week, and the 15-year average hit 3.83 percent. Are you thinking about refinancing your mortgage? Are you not sure how much money you'll save if you do - or if you'll even qualify for a new loan? Here are six questions to ask yourself before you refinance.

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Mortgage refi Q&A
Chat Transcript

Mortgage refi Q&A

Holden Lewis, Bankrate.com's
senior mortgage reporter,
took readers' refinancing questions.