"As for an appraisal, it's looking backwards in the market," Christian says. "They used to be good for six months, but now they're only good for about 90 days, because the market is changing so fast."

In other words, Wendy, refinancing is "like starting all over again, just as if you purchased the home again," he says.

"If the servicer of your loan has the ability to requalify you based on the new terms of your loan then you would still have to go through the refinance process with them, and all of the costs associated would apply, because technically you're starting over. In a refinance there are many parties involved to make a transaction work. That is why it is hard to avoid all of the costs."

So, Wendy, I agree that it would be nice if the process for refinancing could be easier — and less expensive! But the way the industry is structured, this is probably how it's going to be.

Of course, the structure of the industry didn't necessarily serve this country all that well over the last year or so. But that's a topic for another column!

If you have a comment or question regarding personal finance, send it to gkratz@desnews.com or to the Deseret News, P.O. Box 1257, Salt Lake City, UT 84110.

E-MAIL: gkratz@desnews.com