Just like when you bought your home, you will have to pay fees when you refinance your home. Expect fees for your application, title search, title insurance, appraisal costs, and loan origination. There also may be prepayment penalties for home refinancing.

It's possible to reduce or waive some fees. An appraisal of your property, for example, may not be needed. Sometimes closing costs are waived, but ask ahead. If you refinance through your original lender, you may be able to negotiate some lower fees. Ask about lowering fees on the title search, application or credit report review.

Sometimes lenders advertise special refinancing with little or no upfront costs for processing. Watch out for higher interest rates with these deals.

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