Refinancing your mortgage can save you money, but it can also be costly with fees that add up. To lower costs, compare offers from different mortgage refinance lenders and understand the difference between low-cost and no-closing-cost refinancing. Consider lender credits and negotiate fees to achieve a low-cost refinance.

Reducing closing costs is possible by getting a title reissue rate and avoiding rush appraisals. Flexible timelines and avoiding discount points can also help. Your credit score, debt-to-income ratio, and loan-to-value ratio impact your refinancing rate. Timing the market and working with lenders offering rate float-down options can also save you money.

Refinancing can temporarily hurt your credit score, but multiple applications within a short period count as one inquiry. A 1% rate reduction can lead to significant savings, but calculate your break-even point to determine if the benefits outweigh the costs. Considering different factors can help you achieve a low-cost refinance and save money in the long run.

Read more at Yahoo Finance: How to cut fees and save more on your mortgage