3 refinancing mistakes that can cost you money

  • Andrey Armyagov/iStockphoto

    By Rebecca Lake/smartasset

    Mortgage rates are currently very low, but you can't expect them to stay that way forever. If you bought a home within the last five to seven years and you've built up equity, you might be thinking about refinancing. A refinance can lower your payments and save you money on interest, but it's not always the right move.

    In fact, these three mistakes could end up costing you in the long run.