Cost of Refinancing

by Laurie Oates
(Asheville, North Carolina)

Ask Kate: Cost of Refinancing I am looking to refinance a home loan - currently I owe $96,500 on a house valued at $140,000 to $150,000 in Asheville, NC. It was a 30 year fixed rate mortgage at 6.625 percent. We are down to 27 years left on the term.


I would like to refinance to a 25 or maybe even 20 year if I could get a 4.25 - 4.50 percent loan. Are there really any loans out here that would make the cost of refinancing worth it?

Kate Answers: Cost of Refinancing

Hi Laurie, The cost of refinancing to one homeowner carries one meaning and to another something quite different.

What would make a refinance worthwhile to you?

  • Lower monthly house payments by $50 or $300?

  • No closing costs?

  • Getting rid of an adjustable rate mortgage?

  • Removing a co-borrower from title

  • Extracting equity in the form of cash

  • Or as Laurie mentions, shortening the term?

So much depends on your goals and your dreams. Do you want to be mortgage free in 20 years? If so, a 20 year fixed rate mortgage is worth exploring. Be sure to visit the 20 year mortgage page where you will find links to a variety of loan programs to coincide with your plans.

Don't miss this: Here is one way to calculate when your mortgage refi will reach a break even point.

Take a moment to bookmark Cost of Refinancing to your favorites so can easily return in the future. Visit Question and Answers - Best Mortgage Rates Refinancing for solutions based on inquiries from other Contributors just like you.

Laurie, I hope you'll come back and visit often. Help me spread the word. Please share my website with your friends.

Best Wishes,



Return from Cost of Refinancing to Get-Your-Best-Mortgage-Rate

Click here to add a comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

Recent Articles

  1. Lock Mortgage Rates - How To Avoid Hidden Fees

    Aug 06, 18 11:58 AM

    If you lock mortgage rates over the phone, how do you protect against excessive points and hidden closing costs? Learn what to do when your lock is threatened.

    Read More

  2. Finding Low Down Payment Mortgage Financing

    Aug 06, 18 11:53 AM

    Getting a low down payment mortgage: Learn the first two steps to financing niche properties in resort areas. Tip: It's not about timing the real estate market!

    Read More

  3. Ten Best Kept Secrets to Low Mortgage Payments

    Aug 06, 18 11:45 AM

    Ask Kate's secrets to low mortgage payments help homeowners understand industry lingo related to refinancing. Learn how to get your best mortgage rate!

    Read More