Friday, April 28th 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 | 1688 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
How much can you save if you apply for a personal loan online compared to offline?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
How much can you save if you apply for a personal loan online compared to offline?
Unanswered Questions in Finance
Why Consolidate Your debt on your Student Loan?
What happens if i dont pay my payday loans?
Where can i get a private student loan?
Can you get a student loan with bad credit?
How to Consolidate debt on Student Loans?

Answered Questions in Finance
What is a parent loan?
What is a Low-doc home loan?
What is a mortgage lender?
How to get a small business loan?
Whats the difference between visa and mastercard?
Ask A Question
Get opinions on what you want to know:
Specific to any country?