- 2017 29 May
Timing and circumstance are the most important things to consider when deciding to refinance a home. This is also the first place you should start. You have to plan on being in the house for many years in order for refinancing to make sense. The national average for closing costs on $200,000 loan is $3,754. This does not even include taxes, insurance, or prepaid items. Consider how many months of lower payments it will take to recoup the closing costs of a new mortgage.