In the past several years, the costs associated with refinancing have dropped dramatically. Most clients who refinance with Priority Lending see little to no additional fees added to their mortgage after rebates and credits. Current guidance recommends that you reduce the rate on the current mortgage by at least 1% if you are keeping the same mortgage term. If you are reducing the mortgage term, you can refinance with as little as a 0.5% reduction in the interest rate. Our refinance calculator can help you determine if a home refinance would save you money.