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Message: [QUOTE="Tenspro2002, post: 3629377, member: 889"] This is basically the same scenario I'm in, although I have no idea how they owed you money at closing. Either way, it's hard for this to be a bad deal. I hear what you and others are saying -- the 5K closing costs seem exorbitant for what should be a trivial process. However, I'm not as concerned about minimizing closing costs (I have cash to spare) as about maximizing the total savings over 20 years. - If I get a no-cost refinance, but only to 3.25%, I would save 18K in interest over 20 years. - If I pay 5K to re-finance, but get 3%, I would save 36K in interest over 20 years. Maybe the 5K now is worth more than the extra 18K spread over 20 years, but it's not obvious that that's the case. [/QUOTE]