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What Are The Costs To Refinance?

Up Front Costs

These are costs you need to pay to start the process.  It’s important to separate these from other closing costs because these represent money you will be out of pocket if the refinance application is denied.  At Foundation Mortgage our licensed bankers will review your credit, income and asset information prior to sending out an application and charging you for an appraisal.  

  • Typical Up-Front Costs may include:
    • Credit Report Fee
    • Appraisal Fee  (If an appraisal is required).
    • New mortgage payment & interest costs on cash-out refinances

Closing Costs

Closing Costs refer to the various fees and costs you will need to pay at closing in order to complete the refinance.  Upfront costs + closing costs = the total amount of money your home refinance will cost you.  In order to determine whether you should refinance you will need to know what the closing costs are so you can evaluate whether the benefits of the refinance will be worth the costs.

  • Typical closing costs include:
    • Lender Fees
    • Title Company/Attorney Fees
    • Local County Recording Fees
    • State Taxes

Associated Costs With Cash-Out Refinances

Cash-Out Refinances increases the amount of money you owe.  This increase in loan balance owing results in a higher mortgage payment and increases the amount of principal and interest you pay monthly.  Increasing the loan amount can also result in an increase to your insurance premium through higher insurance coverage requirements.  It is important to consider the increased cost of mortgage interest and potential insurance premium increases when you are considering a cash-out refinance.

Refinance Links

Refinance Basics

How Much Equity Do I Need To Refinance?

Should I Refinance My Home? 

Rate/Term – No Cash Out Refinance

Debt Consolidation Refinance

Cash Out Refinance

Overview Of The Refinance Process

Important Tips For A Successful Refinance Process  

Refinance Documentation Checklist

FHA Streamline Refinance

VA IRRRL & VA Cash Out Refiances

HARP Refinance

Refinance Calculator

Contact A Refinance Mortgage Expert