No. of Recommendations: 6
The dark side of refinancing is the closing costs, which could easily be $10,000 - $15,000.

You've got to be kidding! If there's anyone paying that much in closing costs, I've got some swampland for you!

I refi'd 3 times a couple years ago and never paid more than $1000, less than that when we didn't have to be reappraised. Remember, don't count interest paid on refi's since you'd pay that anyway.

FWIW, the OP would save ~$1300 in the first year by going from 6.625% to 5.125% and should easily be able to find closing costs less than that.

-murray
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