Question by LiveLife: Closing Costs – What charges can be deducted from closing costs when refinancing a home mortgage?
Answer by pearlmel
detucted for closing costs? well lender fees can be negoated at times. but many people fall into a trap they will tell a borker i dont want to pay closing costs and end up with a higher rate. so while they where busy trying to save 2-3 thousand dollars they pay an extra 30k or more in added interest on the loan! if you are refinancing look to get the lowest rate period! everyone that tries to get the lowest closing costs pays dearly for it over 30 years!
look in general refinancing should cost the average borrower 3% max the average is 4.5% processing fees and underwritting fees are on all loans in one way or anouther!
find the best rate! this will save you the most money overall.
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