What affects the costs of a mortgage refinance (and what may reduce them)

Refinancing a mortgage may change your interest rate, access equity, or adjust loan terms, but it also comes with closing costs that can vary widely. These costs, often a percentage of the loan amount, may include fees like title insurance, appraisal, and origination, and some items may be negotiable. Factors that can influence costs include comparing offers from multiple lenders, using the same title insurer (when allowed) for potential discounts, and understanding “no-closing-cost” options (which may increase the loan balance or rate). Credit history can also affect pricing, and discount points are worth evaluating based on how long you expect to keep the loan.