Do you remember the Loch Ness Monster? How did the world come to believe that a dinosaur did the backstroke through a small town in Scotland? The mythmakers probably gave birth to Nessie. And now, a new generation of storytellers is saying that no one is refinancing their mortgage. Like the big dinosaur, that's just not true. Here are three debunkers of the mortgage refinance myth:

Myth 1: The price is not right

Myth: The closing costs on a mortgage refinance are too high, thereby making the whole ordeal too expensive.

Fact: A refinance mortgage can help you save money. If interest rates are lower than on your original mortgage, you'll be paying a better rate if you refinance. You can also refinance to a shorter term, which will save you money on interest in the long run.

Myth 2: Rates have risen too high

Myths: Mortgage refinance rates are too expensive to make it worthwhile.

Fact: Today's refinance rates may not be at the rock-bottom level of two years ago, but they're still fantastic when viewed over the last forty or fifty years. Besides, it doesn't matter what the refinance rates are today. The real question is, "Does this loan makes sense for you?" For many homeowners, it does. Perhaps that's why, compared to last year, refinance applications have increased by 1.8 percent.

Myth 3: Perplexing paperwork

Myth: The refinance mortgage process can be complicated.

Fact: While there's some truth to this for first-time homebuyers, doing a refinance or taking a second mortgage is much easier. If you choose the same lender, they can work from the paperwork of your first mortgage. They may even be able to use your previous appraisal, or opt for less than a full-blown title search. And second mortgages require far less paperwork than firsts.

Truth be told, a mortgage refinance might be exactly what you need to lower your monthly payments and clean up credit card debts. Myths might enchant the imagination; but facts appeal to the bottom line. If you analyze your personal finances in light of the above facts, there'll be no mystery as to whether or not a refinance is right for you.