Question by Bayleigh789: What are the individual costs involved with refinancing?
I am confused because we are getting quotes from 2000 to 4500…
Can anyone give me a list of the individual items, as well as the individuals involved in refinancing? i.e. that the the bank, title company, mortgage broker, appraiser, etc…
Thanks soooo much for your help!
Answer by MVD34
Technically, they should be spelling it out for your Good Faith Estimate.
In general it usually works out to something between 2% and 5% of the amount financed. It ain’t cheap — which is one of the reasons why refinancing often is not in your long term financial interest.
Give your answer to this question below!
Great question! Some people are unfamiliar with what exactly is included in “closing costs.” Typically, closing costs include a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. These closing costs generally are about 2 percent to 6 percent of the mortgage amount.
Lenders are required by the Real Estate Settlement Procedures Act to prepare a Good Faith Estimate within three days of applying for a loan. It’s a good idea to review these estimates, and compare them against multiple offers. You should then weigh your options and consider associated closing costs and what rate you were offered based on your loan qualifications, among other factors.
LendingTree offers a no-obligation “Look Before You Lock” tool which assesses your loan offer and provides information on how your offer compares with those of LendingTree customers. This tool also assesses and compares closing costs to help you determine if it’s a good offer or if you can still improve in some areas.
To try this tool and others visit: