Our credit union just lowered their APR for mortgages to 4.261% and our current APR is 4.75%. I would love to refinance and lower our payments by $20/month but the closing costs are huge. They expect $1,450 for the origination charge and even though I know we paid that to close it bugs me when many companies are giving out lender comps. The other thing that bothers me, is the title search, they want $1,185 for a service they did less than two years ago. I have heard that some companies will do a mini-search and charge less if they have previously done the search. I am going to ask about that. I understand the appraisal fee and the taxes, though, even if they cost about $1000. My credit union has no control over those so I am not going to bother complaining about it.
At this point, as much as I would like to refinance the closing costs are too high even with the great rate.
If anyone has a bank they know with a rate close to this one, with better closing costs let me know in the comments.