Question by Bigsky_52: Do you have to pay any closing costs when you refinance your home?
I’ve been in my home for about a year, and with the fed cutting interest rates I’ve been thinking about trying to consolidate my two loans into one low interest mortgage. I’ve got 25% through Chase at 8.75% and the remaining 75% through Wells Fargo at 6.25%. I’m thinking about refinancing, but am wondering if I’d have to pay closing costs again. Does anybody know about the process involved? Thanks.
Answer by Nancy Kay
yes, you will have costs associated with the new loan closing, such as appraisal, lender fees, title and escrow costs, unless you are able to qualify for a “no cost” refinance program, of which there are fewer and fewer these days, and they often increase the interest rate to compensate for no closing costs up front.
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