If the cost of refinancing outweighs the benefits, a few options are available, depending on your reason for refinancing. These options may also involve additional fees or penalties, so you must consider the total costs to see if they make sense for your situation.
If you can wait, you can avoid prepayment penalties by waiting until your mortgage is up for renewal. If you need to free up cash flow, consider restructuring or, blending and extending your mortgage. A second mortgage could be an alternative solution if you want to access equity.