I was laser-focused on the fact that we could lower our mortgage rate by 1.25 percent and shave almost $300 off our monthly ...

But even if current refinancing rates are a bit lower than your current mortgage, Song says that it may not be the best time to refinance.

When my husband and I refinanced our mortgage in 2009, we felt confident we were making the right move. Since both of us had exceptional credit, ... You better shop around, as the song says.