Friday, March 24th 2017

Question

What does it cost to refinance a mortgage?

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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.

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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.

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27th Oct 2009 In Finance 2 Answers | 1664 Views
Subjects: mortgage, refinance, refinance a mortgage, refinancing,

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