by mary hodder
Question by rob: How much are the fees to refinance a mortgage?
I have a 30yr mortgage that i have had for 3 years. I want to start over with the 30 years. What would the fees be to do this?
Answer by jobugg257
all places vary. my refi was 2400
Know better? Leave your own answer in the comments!
ditech.com does some flat rate lending stuff. i dont really know much about all that.
Depends on the lender… shop around and compare the whole package (rates AND fees). First go to your current lender and see what they offer. Because they already have all your info (and presumably don’t want to lose the loan), they may be able to offer you a better deal than others. But maybe not. Shop around!
Not sure read some mortgage tips on this site
Depends upon how your state does things. In California, figure about $ 3500 of actual fees, plus any points to buy the rate down.
States with attorneys instead of escrow will be more expensive. States with survey requirements will be more expensive.
btw, it’s unlikely you’ll get a better loan than you’ve got. Just saying. Three years ago I was doing 30 year fixed at 5% even with no points. Now it takes almost two points to buy 5.875.
it is not worthy to refinance your house right now. 3 years ago interest rates was lover, than right now. if you need cash from your house, maybe you should look for equity lines of credits or 2nd mortgage. go to your local bank and ask them about this- they almost don’t charge closing cost for those type of loans.
Any professional mortgage broker should give you a good faith estimate on the costs involved in refinancing.
Just go through an agent and find out their rates. All this legal stuff seriously, you don’t want to worry about it. Get the cheapest agent around.
This site has many reports that will most likely answer most of your questions. It has FREE mortgage reports that are loaded with information including fees, in California.
I am a mortgage broker who works with over 100 lenders nationwide, I work with all types of credit situations and have several programs to fit almost anybody’s needs. I have very low fees and quick turn-around. Please feel free to contact me, there is no obligation and at least you will have a comparison to other quotes you may have received. Joseph Correa~
All lenders have different ways in which they makw a profit off of a loan..
Some give you a higher interest rate then you qualify for, and get paid by the investor depending on how much they UPSOLD your interest rate.. Mostly banks that collect the interest work this way because they have a “vested interest” in giving you a higher rate! (the higher the rate you have the more money they make each and every month by collecting the interest)
Other lenders charge a broker fee, or an origination fee to make a profit.. Mostly Brokers do this because this is the easiest way for them to make a profit
then, you also have lenders that will charge you on both ends!!! Alot of brokers also do both becaue they have investors they broker to, but are not partnered with… Meaning, the only they make money from brokering is to give you a higher rate, and charge you fee’s…
Besides the ways to make a profit, there are always 3rd party fee’s that HAVE to be charges on every mortgage loan in america.. these fee’s are title insurance,title search, closing appraisal, processing, underwriting, and any county taxes…
Now these 3rd party fee’s can vary anywhere from $ 1500 -$ 4,000, again depending oon the lender..
The mortage lender i work with is a little different then most… We are what is called a wholesale lender…
We have multiple investors that we are partnered with that fund all of our loans.. Being we are actuall y partnered with the companies, technically we are the bank…
Now, being the bank that doesnt actually service the laon, we make profit by adding another loan to our portfolio..
We dont charge large closing costs like a broker to make extra money..
We dont give you a higher interest rate then you qualify for like a bank because we dont collect the interest… our investors do…
Our investors would rather have your business then not… This is why they dont “pay us extra” or give us “incentives” to charge you a higher rate of interest because they want to give you the best loan out there in order to ensure you doing business with us…
We have a solid philosiphy here at Providential… We realize that there are hundreds of mortgage lenders out there… The only reason for you to choose us instead of another is if we CHARGE LESS FEE’S, AND GIVE YOU A LOWER RATE!!!
This is why our company is so sucessful, and in just a short period of time went from just originating in Illinois, to serving almost every state in the US!!!
My name is Jason Fry, i work with Providential Bancorp… Our company only has roughly $ 1,500 in 3rd party costs… We dont charge any other fee’sdepending on your loan situation…
We are lower, and if not we will beat any other oiffer on the table in order to get your business…
If you are interested in more information, feel free to email or call me at any time..
Licesned Mortgage Officer