This Element is an excerpt from Homebuyers Beware: Who's Ripping You Off Now? - What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren. Available in print and digital formats. The six questions you must ask before you refinance - and the answers that can save you a fortune! Working as a loan officer, I've advised homeowners not to refinance, even though it meant forgoing a commission. To determine whether refinancing is a good financial move, you must look at all sides of the equation, not just the monthly savings. Here are the six questions to ask when you're considering a refinance.