Question by ewushi: How much are closing costs for a mortgage refinance?
Answer by dwagsfive
Depends on a whole host of things, from your credit score to your lender’s overhead and sometimes even your loan officer’s integrity. You have to shop around and get some quotes.
Add your own answer in the comments!
I keep seeing TV adds that say zero cost,, but two of my neighbors refinanced due to divorce in the past 6 months,, one paid just over $ 2,000. total cost at the same bank,, the other paid almost $ 3,000. at a different bank but got a better deal on interest.
Closing cost depend on many things. First how difficult the loan is to close. Brokers often times are paid mostly on commission, and these cosing cost represent how much time and effort they had to put in. If your situation includes low credit scores, low income or bad credit history it makes a loan more difficult to close and may result in higher closing cost. But closing cost also represent other unavoidable fees such as fees from the title company, state fees, lender fees, and a host of others. You should be leary of companies offering no closing cost or a fixed amount for closing cost. These companys will have hidden fees to make up for the “no closing cost” they offer. Remember nobody does anything for free. If you have any questions feel free to ask, I am a loan advisor, not a broker or loan officer. I am here to help!
There is no such thing as normal closing cost. Every deal is different . Concentrate on what you are getting for your money. if a mortgage broker can save you just a half a point on your loan your are saving 10’s of thousand’s of dollars. If you never have to heard the word NO to to loan request how much is that worth? A cheap loan with a lousy mortgage broker and low or No closing cost ALWAYS COST YOU MORE MONEY IN THE LONG RUN THAN AN SO CALLED EXPENSIVE LOAN . Just make sure your broker knows what they are doing. But just to give you some Idea many state’s say that 5% of he loan amount is a fair deal and any cost over that is predatory. Hope this helps ya
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