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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Can you refinance without...
closing costs? Just curious
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Posted 2/14/12 1:29 PM  |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Can you refinance without...
Meaning not paying any or not rolling them into your current mortgage?
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| Posted 2/14/12 1:33 PM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: Can you refinance without...
Posted by Blu-ize
Meaning not paying any or not rolling them into your current mortgage?
Yes or this is standard?
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| Posted 2/14/12 3:00 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Can you refinance without...
Someone may come along to correct me, but there are most certainly fees associated with all mortgages, appraisals, title searches, application fees.
In NY that's the way it is. Other states have very low fees.
If you don't have closing costs the lender is building it into the rate.
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| Posted 2/14/12 3:29 PM |
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Re: Can you refinance without...
no
if someone is telling you that they are just rolling the fees into the loan
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| Posted 2/14/12 3:31 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: Can you refinance without...
i am looking into this now with my bank, it seems like the lower closing costs were associated with a higher rate and vice versa.
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| Posted 2/14/12 3:55 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Can you refinance without...
Ask about property taxes too. when my sister refinanced she had $5k in escrow. She had to pay the full half year taxes upfront and they deducted the escrow from her total mortgage amount.
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| Posted 2/14/12 6:52 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Can you refinance without...
I am in NJ so I believe the fees are different in NY, but my refinance costs are the appraisal fee (400) and a fee from my home owners association (50 - for them to fill out the form). Had I lived in a home without a home owners association there would be no fee for that. The loan amount is supposed to be the same amount as my current pay off. I am in final review right now. I am refinancing with the same mortgage company I currently use. I started the process about a month ago.
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| Posted 2/14/12 7:39 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Can you refinance without...
I have Wells Fargo and I did a "three-step" refinance twice with zero costs. My principal didnt go up, I didnt have to pay for the appraisal, nothing! This was 2 years ago though. If you have Wells give them a call! The only catch is that you dont get a rate above the market rate but depending on your loan amount, if you are not going to save a lot by refinancing this is a no brainer. i went from 6.25% to 5.35% free of charge!!!!!
And I didnt have a closing, they just mailed me a package which I signed and mailed back!
Message edited 2/14/2012 10:42:41 PM.
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| Posted 2/14/12 10:42 PM |
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