Hey Chippa, don't worry. The way refinancing works is you get a closing fee of usually a few thousand bucks every time you do it. So add that on to your total. Aside from that, while they may be saving you money on a month to month basis, you're actually paying more in the long run. Lower % rate aside, if you're already 6 years into a mortgage and they bump you back to a new 30 year date, then the 6 previous years have vanished. And 6 years in is when you finally start making a dent in the principle of your house. Prior to that, you're paying 99% interest rate.
This is an over simplification, but figure the first month you pay your 2,000 mortgage, only $100 goes into principle. The 2nd month, $105 does. So on and so forth. By year 6, you're paying roughly 25% of your money towards principle and the rest to interest. By year 28, you're like 10% interest, 90% principle. It's all a money game. If you get out now, all of that interest you've paid thus far is a wash. And look at how much you're paying overall. Figure a $200,000 house ends up paying around $450,000 over the life of the mortgage. It's pretty crazy how much they get, even with low interest rates.