For many homeowners, the concept of refinancing the home mortgage may seem very appealing and just the answer in these times of economic turmoil. After all, who would not want the ease of lower monthly payments, the security of a fixed rate loan, or better yet, the thought of freeing up some extra cash for that much needed college education savings, new car, or home renovation? Indeed, there can be so many reasons why a “refi” would be an attractive option for cash-strapped and financially distraught consumers.  What many people fail to recognize however, is the reality that home refinancing is in fact, not a sensible move for everyone. While the numbers at a glance may appear promising, e.g. an interest reduction of 2%, there are still other factors to be considered.