Refinancing

With interest rates being at record lows this month, people are calling about refinancing their mortgages, sometimes for the second time in the past two years.  There are many things that you should look at before deciding to refinance your loan.  Will you be in your home for more than the next few years?  If you are gong to sell in the near future, what will the balance be on the loan if you refinance?  How much interest will you save over the life of the loan?  Can you reduce your mortgage term and keep the same mortgage payment?