There Are Many Things to Consider Before Refinancing.  Some of the Top Items on the Checklist Are:

1. When You Refinance You Reset Your Loan - Refinancing After 5 Years May Mean Paying More in the Long Run Regardless of a Lower Rate.
2. Closing Costs Could Outweigh The Savings - Find the Break Even Point of Your Annual Savings Versus Your Costs to Refinance...If You Plan to Move Sooner, Reconsider.
3. Terms Can Be Confusing - With Lower Rates as Big Incentives, Details that May Hurt You can be Overlooked.
4. Hidden Fees Add Up - If Your Lender Says 'No Charge' Their May Be Hidden Fees in Your APR.
5. The Appraisal Might Be Too Low - How Much Equity Do You Need?

For More Details Read the Full Article at MSN Real Estate