When does it make financial sense to refinance, given these fees?

It makes perfect sense to refinance when your gross savings are expected to be higher than your refinancing fees. For mortgages in the UAE above 1M AED: your refinancing fees can be considered to be 10,000 AED (settlement) + ~3,000 AED (valuation) + 0.25% mortgage value (registration) If your existing rate is ~1-1.5% higher than the market's fixed rates, then it probably makes perfect sense to do it. Your advisor can help you simulate and help you make a decision about your mortgage refinance.