When you refinance, you are getting a new first mortgage that pays off and replaces the old one.

True

False.

Refinancing only makes sense if you can lower your monthly mortgage payment.

True

False

You are struggling with your financial obligations and as a result your credit has taken a hit. Since you already have a mortgage, refinancing should be easy. And, a refinance will lower your monthly expenses making it easier to pay your bills.

True

False

The rule of thumb for timing a refinance is to wait until interest rates are two percent lower than your current mortgage.

True.

False

Refinancing can help a homeowner get rid of private mortgage insurance.

True

False