Refinancing mortgage often smart even if you have to pay

(USATODAY.com)-- At the height of the housing boom, refinancing was doubly rewarding: You could lower your monthly payment and extract some cash to spiff up the kitchen.

With mortage rates at record lows, refinancing still offers the promise of lower monthly payments. But forget about that Sub-Zero refrigerator. Instead of taking cash out, you may have to pay cash upfront when you refinance.