Question by AbeJ: Refinancing. Will I pay less in closing cost if I use my current mortgage lender/bank?
I have heard you can save on some fees such as title search when you refinance with the same bank that has yiur current mortgage.
Is this true?
Answer by know-it-all
Some re-fis do not even have closing costs. Read all the disclosures before signing anything. If you have an FHA loan, there are several options
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This can be true. To make sure you are getting the best total deal (lowest interest rate and lowest closing costs) be sure to shop around by talking with your current mortgage lender and bank, along with talking to other lenders. You can quickly find other lenders who are offering good deals by looking at the consumer-friendly website BankRate.com (under “Mortgages,” go to “Compare Local Mortgage Rates” and enter a few quick details).
When you are shopping around, ask about closing costs and get a “Good Faith Estimate” of closing costs. This document is a pain to figure out, but if you get more than one you can compare the fees.
I did this – shopped around, and ended up refinancing with my current lender because they offered the best deal, including lowest closing costs.