Should I Refinance My 30-Year Fixed Mortgage?

[Michael Keane]

Hello BP World! 

I own a one-bedroom condo that is my primary residence.The balance on my 30-year fixed mortgage is about $247,000 and the appraised value is about $320,000. The current interest rate is 4.25% . I plan to live in this unit for at least the next 4-5 years and ideally would like to hold on to it as a rental property when I eventually move out. 

Given these factors, would it be worth refinancing for a lower interest rate (3.75%; 30-year fixed)? Is it worth the $9,000 in refi costs (these would be rolled up into the new loan, thereby reducing my equity). 

I would appreciate any insights! 

Thank you,

Michael Keane