Question by ab: how much should closing costs be for refinancing a mortgage?
I owe about 142,000 on my house. I got a quote to refinance and the closing costs are nearly 6,000! This is comparable to what the closing costs were when I initially purchased my home. Should it be this much to refinance the mortgage? (There are no problems with our credit, just a normal refinance for a lower rate)
Answer by Judy
Go to an amortization table.
You may be better off just making an extra payment of 6,000 cash into your home.
The more you pay down that mortgage the less interest you are throwing away.
What do you think? Answer below!