Should I even refinance in the first place?

Your decision on whether to refinance your mortgage should be based on your financial circumstances and not just to access a better rate or new features.

Although you may wish to lower your interest rate and repayments you should consider other issues, such as how long you will remain in your home, and the amount of equity you have built up in it. You may also look at whether you want to pay points in order to obtain a lower interest rate. Then you should calculate if the benefits of the lower repayments outweigh the costs and fees you might have to pay.