| Posted By |
Message |
lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
|
Re-Fi costs
Can someone tell me the costs involved in a re-fi? I know you have to pay a bunch of things over again, just wondering about how much it has cost people.
TIA
|
Posted 4/4/07 3:12 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
|
Re: Re-Fi costs
Well it will depend on three things
1. How much the loan amount will be?
This will affect how much your title insurance will be because of the mortgage tax and fee policy. You may be able to get a discount if you bought your house within the past 10 years but I am not sure of how much.
2. If you have a broker and how much that broker is making. If you are going through a bank this should be fairly low--if you are going through a broker it may be higher.
3. Points--if you are buying down the interest rate. Depending on how much you buy it down can affect the closing costs.
Also when you refinance they may require you to pay off student loans, credit cards etc depending on how much debt you have.
|
| Posted 4/4/07 7:25 PM |
| |
|
charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
|
Re: Re-Fi costs
DH works for Wamu and he says that re-fis cost alot. He says the only way to save is if you go through your current mortage company and do a CEM, you will save on taxes.
He recommends a home equity as a better option.
Feel free to FM me if you have any questions.
|
| Posted 4/4/07 9:29 PM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: Re-Fi costs
I've heard estimates of $15-20K
(thats from the mortgage brokers I work with regularly, as an appraiser)
|
| Posted 4/4/07 9:50 PM |
| |
|
alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
|
Re: Re-Fi costs
my refi cost me about $8k and that was WITH a discount cause my broker is a friend.
|
| Posted 4/4/07 10:11 PM |
| |
|
|
|
Re: Re-Fi costs
wow mine is gonna cost around $5500
|
| Posted 4/11/07 10:40 AM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Re-Fi costs
Our refi cost about 9K. that was two years ago.
|
| Posted 4/11/07 11:13 AM |
| |
|
MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
|
Re: Re-Fi costs
Posted by charon54
DH works for Wamu and he says that re-fis cost alot. He says the only way to save is if you go through your current mortage company and do a CEM, you will save on taxes.
He recommends a home equity as a better option.
Feel free to FM me if you have any questions.
What is a CEM? Thanks!
|
| Posted 4/11/07 11:43 AM |
| |
|
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
|
Re: Re-Fi costs
Posted by MsG
Posted by charon54
DH works for Wamu and he says that re-fis cost alot. He says the only way to save is if you go through your current mortage company and do a CEM, you will save on taxes.
He recommends a home equity as a better option.
Feel free to FM me if you have any questions.
What is a CEM? Thanks!
A CEM is a Consolidation, extention and modification agreement what it does it allows you to take your current mortgage and combined it with a new mortgage--not to exceed the value of the home. This is done to save mortgage tax which is usually a big part of title charges. You would only pay mortgage tax on the new mortgage money and they would lump it all into one mortgage and you would pay one bill. I believe that you can only do this is a period of 1 year on residential. If you own a commericial property you can do it whenever.
|
| Posted 4/11/07 12:55 PM |
| |
|
