Refinancing's hidden costs (© Carlos Davila/Getty Images)

© Carlos Davila/Getty Images

Mortgage refinancing rates are still low, despite rising in recent month. But don’t be hypnotized by the low percentage points when you are trying to decide whether to refinance. Consider this: There is a price to pay even above and beyond the “points” you’ll be required to shell out. Make sure you factor these costs into your considerations.

Application fee ($75 to $300): You’ll pay this fee even if your loan is denied.

Loan origination fee (up to 1.5%  of the loan principal): A charge to evaluate and prepare the loan documents.

Appraisal fee ($300 to $700): Sometimes this cost is folded into the application fee. You can check to see if this fee can be waived if you have had a recent appraisal of your home.

Inspection fee ($175 to $350): Before you get your refinance loan, the lender may ask that you get your home inspected for structural problems, termites and other pests.

Attorney review and closing fee ($500 to $1,000): You may get charged for the lawyer who conducts the closing for the lender.

Title search and insurance ($700 to $900): This will cover the cost of searching your property’s records to make sure you are the rightful owner and to ensure there are no liens against the property.

Survey fee ($150 to $400): This fee may be waived if a survey of your land and buildings has been done recently.

Prepayment penalty (one to six months’ worth of interest payments): Before refinancing, check the fine print of your current mortgage for prepayment penalties that will cost you extra if you pay off your mortgage early.

Before you jump into refinancing, make sure you understand not only the mortgage refinancing rates but all the hidden costs associated with refinancing your loan.