Most of the costs are very much like the costs the person faced when getting his or her first mortgage. These costs include an application fee, appraisal fee, and survey costs. They also include homeowner's hazard insurance, lender's attorney review fees, and title search and title insurance fees. Also involved may be home inspection fees, loan origination fees, mortgage insurance, and points. Points are a percentage fee that is charged for the loan in addition to the mortgage rate.
Lenders often charge one or more points to make up for a lower interest rate.
The points are paid at the time of the closing. Sometimes the borrower can save some refinancing costs by using the lender who holds the current mortgage. This is generally true if that lender will waive particular costs, such as the survey because it is still current. You certainly have to evaluate carefully how many years, if any, refinancing will add to your mortgage payments. You most likely would not want to add another 10 or 15 years to your mortgage payments.