When you refinance at a lower interest rate, you usually pay refinancing costs including points, fees, and closing costs. Refinancing will immediately cost money to cover the loan origination fees, except for VA loans that could void such costs. Depending on the amount and type of loan, it may take months before the savings in interest offsets the origination fees. In many cases, refinancing will save you money only if you plan to stay at your property for more than 10 years.