There will be some costs, but they can often be rolled into the new loan. Typical costs include loan origination or closing fees (maybe 1–3% of the loan), appraisal fees if property is involved (could be $2k–$4k for commercial appraisals), and any government-guarantee fees if it’s an SBA loan. You might also have minor fees like credit report or filing fees. If your current loan has a prepayment penalty, you’ll need to account for that too. Many lenders can structure the refinance so that these costs are added to the loan balance, meaning you don’t necessarily need a lot of cash out-of-pocket at closing – though doing so increases your loan amount slightly. It’s important to ask for a breakdown of all fees and compare that against your savings. At Liberty Franchise Lending, for example, we do a refi analysis for clients: “Here’s what you’ll pay in fees, here’s what you save in interest, net-net is it beneficial?” – often it is, but we make sure.