Refinancing has a significant cost though. The various fees and transaction costs add up to $10-20k+ in my experience. Is not at all free, unless the savings from the difference in interest rate exceeds the transaction cost.
Interesting. Here in UK there are usually literally no costs to remortgaging, we've remortgaged couple years ago and only cost was paying £500 for a solicitor to look throught he paperwork(which we convinced the bank to pay for in the end, so it cost us nothing overall).
Same here. There are no fees(usually) for taking a new mortgage either. A bank might charge you something for making the transfer, but it's like £50, completely insignificant.