You just got through the headaches of refinancing less than two years ago. Now you receive a card in the mail from your lender stating that the 8.5 percent, 15-year fixed-rate mortgage you hold can be refinanced again at 6.5 percent with minimal fees.

Should you do it? Would you be throwing more money out the window in fees? Would it be worth the hassle of appraisals, credit reports and title insurance? Should you start all over again on a 15-year loan when you have 13 years remaining on your current loan?

The move would definitely pay off, but there are several important points to consider before starting the process, including:

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There are no stupid questions when it comes to buying real estate. It's important to ask questions when you're drafting the terms and conditions of your offer in the purchase contract, whether you do it yourself or with an agent or attorney. Not sure about contingencies? Wondering about fixtures? Just ask. You don't have to become a real estate expert to craft a good contract, but the more you know about how a contract works, the more effectively you can tailor it to your specifications. You'll also be a much savvier negotiator when the seller comes back with a counteroffer.

Read the Fine (Pre)print:

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