Mortgage rate, what they say
These costs typically include application, origination and appraisal fees, insurance premiums, title search fees and county clerk fees, and the discount points paid upfront to lock in that lower interest rate. Any initial savings will be offset by these fees unless your new interest rate is at least one half a percentage point lower than your current loan. Be sure to review your future plans before committing to a refinance of your current mortgage. If you intend to sell your home within the next few years, you may not see any savings from a refinance. A refinance of your current mortgage makes financial sense only if you intend to remain in your home, as it may take several years to recover your closing costs.