Question by muradimy: do i need to pay any fees to my old lender if i refinance my mortgage?
i want to refinance my mortgage. i know there are closing fees for the new loan. is there any fees that i need to pay to my first purchase lender?
Answer by Spock (rhp)
read your contract. many newer mortgages have added fees or pre-payment penalties if they are paid off in less than some specified time period.
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Find out if you have a pre-payment penalty on your current loan. Typically these penalties last for the first 1,3,5, 10 years. If you were to refiance with your current lender, this penalty should be waived.
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