Canadian here. How it works in Canada is that you decide on an amortization period. For example, it might be 30 years. Then you choose the term of the contract. You decide if you want a 1 or 2 or 3 or 5 year term, fixed or variable. For example, you do 10 consecutive 3 year terms, you get to 30 years.
In the U.S. people tend to get "30 year mortgages" which I understand to mean 30 year amortizations with a 30 year contract. And it seems you, as American borrowers, can decide at any time to refinance. What are the typical costs involved when you decide to refinance? And roughly what is the size of these costs?