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PostHeaderIcon Refinance Closing Costs

Refi closing costs are the fees that one must pay during a refinance. There are various types closing costs. Some of these costs are lender fees, third party fees, and pre-paid items. Lender fees consist of origination, points, application, credit report and appraisal. Third party fees consist of company closing costs, title, and title insurance. Pre-paid items are not really considered to be closing costs, these are items you pay regardless of refinancing or not. They include your taxes and insurance of your property. As a whole closing costs typically range from two to six percent of your loan amount. When the refinance of mortgage is started you will get an estimate of these costs. Also if there is enough equity in your home, the costs may be rolled into the loan. This would save you from any money coming out of your pocket at the closing. Closing costs also fit into two categories; recurring fees and non-recurring fees. Recurring fees are your monthly payments, your taxes and insurance. Non-recurring fees are points, lender fees, and application fees. All these costs for your refinance can be laid out for you in a good faith estimate which can be requested once your application is complete.

To calculate refinance you can use a mortgage calculator. This can help calculate if you should refinance your current mortgage to a lower interest rate. Online there are various types of refinance calculator which would help you calculate your monthly payments and also how long it will take you to even out your closing costs. It is also nice to calculate a refinance before you go through with it to see how much you will be saving from your current rate and loan. There are many online web sources where you can go to and help you calculate the monthly payments.

To refi house means to refinance your current home or an investment property. A client may want to do a refinance to reduce their monthly payments, or to cash out some money of their equity. Also people with investment property will like to cash out money so that they can make improvement to this asset. Also some clients would like to refinance their mortgage if the current interest rates are significantly lower than their rate. Another reason to do a refi would be if a client is in an adjustable rate mortgage (ARM) and want to get a competitive low fixed rate.

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