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You will be responsible for all fees for titling, preparation of documents, lawyer costs, etc. , just like you were when you received the original mortgage. Most homeowners who refinance choose to do so because interest rates have decreased significantly compared to the current mortgage. When deciding if you should refinance your mortgage, you should first determine the savings you would incur over the life of the loan by using the old interest rate versus the new. Next, add up all the costs of the refinance itself.