Mortgage refinancing and fees – and prepaying mortgage?

Question by tlc289: Mortgage refinancing and fees – and prepaying mortgage?
Our current 30-year mortgage is at 5.25% but I think we could get it down below 5%. We’re about 5 years into this 30-year mortgage and haven’t missed a payment (and don’t expect to). Here are my questions:
A) Even if we got a loan down to under 5%, would it be appreciably different over the long-term from a financial standpoint?
B) Are banks in existence that would allow a couple to refinance and pay zero fees? Over the course of even 15 years, banks make a lot of money from interest… why charge someone a fee? I realize it’s not up to me.
C) If we maintain our 30-year mortgage… say we don’t wind up refinancing… does it save a person/couple a lot if they were to pay one or two extra payments a year? Loan amount 200k, interest 5.25%.

Any advice appreciated.
First responder: no, that site didn’t help. Why would you waste that 10 seconds of my life FOR me? Idiot.

Best answer:

Answer by HEATHER
It probably is not worth refinancing unless you are going to be able to drop down to 4.25% or so. Pay extra on your mortgage. Make sure you indicate on the mortgage payment coupon that it should go to “principal”.

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