You have to watch out when refinancing early - If you have a closed mortgage the penalty can be more that the three months interest standard. Most Financial Institutions have a second clause that is the Interest Rate Differential. The Interest Rate Differential is based on the difference in current rates and your present interest rates. This fee can run into the tens of thousands. The best time to get a refinance loan is when the cost of refinancing penalties does not outweigh the benefits. You will need to calculate this yourself on paper or get your banker to do it for you. You can use a Mortgage Refinance Loan to help pay down that high interest credit cards, or by that cottage on the lake (now that they are on sale) with a mortgage refinance loan.