Q: I am paying 5% on $160,000. A lender is advertising a 30 yr FRM at 3.85%/4.191% APR, or a 15 year FRM at 3.25%/3.476%. Would closing costs be out of sight?
A: You should contact the mortgage lender and ask for a Good Faith Estimate of closing costs (GFE). While under no obligation to provide you with one until you actually apply, they may, and that should give you a good working sense of the fees involved in your refinance. You should know that advertised rates are for truly optimal borrowers, and your situation is likely to be different.