Many homeowners have been refinancing their mortgage to take advantage of the historically low interest rates. Aside from getting a low-interest rate, it makes sense to refinance your mortgage if you want to adjust the length of your mortgage term, change from an adjustable-rate mortgage to a fixed-rate mortgage, or if you want to cash out your home equity. However, if this is your first time to do refinancing, you need to be aware of the typical fees associated with it. Refinancing fees could go between 3 to 6 percent of your outstanding principal in addition to any prepayment penalties or other costs for paying off any mortgages you might have.