Monday, October 23rd 2017

Question

What does it cost to refinance a mortgage?

Interesting Question?   (4)   (10)



Answers (2)

11th Nov 2009 by Burt Carlson

Refinancing costs typically run from 3 to 4% of the loan amount. This includes lender costs (loan origination, processing, underwriting, tax service, etc), title insurance, escrow, pre paid interest, property taxes and homeowners insurance. A way to reduce the costs would be to refinance with your current lender if your payment includes property taxes and homeowners insurance. Reason is your lender sholud not have to set up a new escrow account to collect the taxes and insurance. Also, note that by paying a slightly higher rate and reducing or eliminating the loan origination yuor loan costs can be reduced. Best to get quotes for at least two scenarios one with origination and one without to make a fair comparison of costs, rate and payment.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com
28th Oct 2009 by Gary

Everything is negotiable, and so there's no set answer to how much it costs to refinance a mortgage. But the same closing costs related to the original loan are usually a part of the costs of refinancing a mortgage, including paying points. The difference would be no broker fees from a listed home.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



27th Oct 2009 In Finance 2 Answers | 1813 Views
Subjects: mortgage, refinance, refinance a mortgage, refinancing,

Answer This Question / Give Your Opinion
What does it cost to refinance a mortgage?


Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *


Give Your Opinion
What is Transit Accident Insurance?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
What is Transit Accident Insurance?
Unanswered Questions in Finance
Can i get a loan with no credit?
Can you get a loan with no credit?
What is a open end loan?
How to calculate mortgage interest?
What are the best debt reduction strategies?

Answered Questions in Finance
What is an Interest only loan?
What is prime lending rate?
What are the different types of consumer finance?
what is a visa debit card?
What is home equity financing?
Ask A Question
Get opinions on what you want to know:
Specific to any country?