What a refinance costs is important to consider when weighing your mortgage options, but your main concern should be the overall savings a refinance will afford you. In order to find out how long it will take before you break even on a refinance, as well as the savings that you will begin gaining after you've reached that point, our Refinance Break-Even Calculator is your best resource. Broadly speaking, the costs associated with a refinance will vary depending on the type of loan you are seeking, but you can expect to incur the following fees:
Loan Setup Fee/Application Fee/Origination Charge: These fees cover the cost of checking your credit report, processing your application, and other administrative tasks associated with funding your loan.
Appraisal Fee: This fee covers the cost for obtaining a current appraisal on your home to determine loan-to-value.
Closing/Settlement Agent or Attorney Review Fee: The professional who conducts the closing will charge a fee.
Title Insurance and Search: A new lender’s policy is required to obtain a new loan.Learn more about Title Insurance.
Additional Situational Expenses: Lesser charges such as flood certification fees, survey costs, pest inspection fees, and courier fees may also be required, depending on your situation.
Some homeowners don’t realize that there are options available for no-cost refinance loans. Depending on your situation, for example if you plan to move in a few years, a no-cost refinance could be something you might want consider. To learn more, contact us for a rate quote.
Please be aware: by refinancing your existing mortgage, your total finance charges may be higher over the life of the loan.
Start here: What is Refinancing?