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How much does mortgage refinancing cost?

How much does mortgage refinancing cost? By Liz Alterman Will the savings outweigh the expense? That depends. (iStock) Refinancing your mortgage allows you to pay off your current mortgage by taking out a new loan. Many homeowners refinance to lock in a lower interest rate, change the terms of their loan or take cash out to use for other purposes like home improvements, or to save money. While mortgage refinancing interest rates dipped to record lows amid the economic downturn caused by the coronavirus pandemic, they’re inching higher. For homeowners who’ve been thinking about refinancing, now may be the best time to do it.

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